ATTENDANCE FORM. 1. Do not remove the staple hand this paper in as a whole.
|
|
|
- Silas Powell
- 5 years ago
- Views:
Transcription
1 ATTENDANCE FORM Surname Initials Student number Venue GENERAL INSTRUCTIONS 1. Do not remove the staple hand this paper in as a whole. 2. Remove only the top page (this page), and hand it in together with this paper at the end. 3. Check that your paper has 11 numbered pages. ECO11B1 FINAL SUMMATIVE ASSESSMENT 30 November 2016 Initials and Surname.. Student No.. Page 1
2 ECONOMICS 1B (DIPLOMA) ECO11B1/BED1-2 FINAL SUMMATIVE ASSESSMENT DEPARTMENT OF ECONOMICS AND ECONOMETRICS SOWETO/BUNTING ROAD CAMPUS Date: 30 November 2016 Marks: 100 Time: 2 hours Examiners: Dr B Maphela, Mr T Zwane, Ms MP Phume Mr M Sekome & Mr JGR Musakanya Moderator(s): Dr M Maleka Surname Initials Student number Question Marks Total Section A 20 B 16 C 20 D 24 E 20 TOTAL 100 Initials and Surname.. Student No.. Page 2
3 Section A Topic: Measuring Output and National Income [24 Marks] Question 1 1. Define Gross Domestic Product (4 Marks) 2. Elaborate on the 2 shortcomings of calculating the GDP (4 Marks) 3. Fill in the missing values for the respective stages and the total GDP for each respective method? Hint: Expenditure Method relates to Final Values (16 Marks) Stages Sales Value Production Method Income Method Firm A: Sheep R0 R Farm Firm B: Wool R120 R180 R60 processor Firm C: Suit R180 R220 R40 Manufacturer Firm D: R220 -R270 R50 Clothing wholesaler Firm E: Retail R270- R350 R80 Clothier GDP (R values in billions) SECTION B Topic: Aggregate Expenditure Model Expenditure Method [12 Marks] Initials and Surname.. Student No.. Page 3
4 Based on the following data related to the national accounts of the South African economy (ceteris paribus). Co= 10 million G=12 million MPS= 0.2 NX= -3 million I= 8 million 1. State the MPC and Calculate the Multiplier? (4 Marks) 2. Calculate Total Exogenous Spending (4 Marks) 3. Calculate Equilibrium Level of Income (4 Marks) SECTION C Topic: Fiscal Policy, Deficits and Debts [20 Marks] Initials and Surname.. Student No.. Page 4
5 1. Financing and Continual re-financing of the Public Debt may transfer serious real economic burden to future generations. Discuss using the aid of the Investment Demand diagram the Crowding Out effect resulting from increased government spending. (8 Marks) 2. What are government s fiscal policy options for ending severe demand-pull inflation? Discuss using the aid of the AD-AS diagram (9 Marks) 3. List three consequences associated with increased public borrowing and increase interest payments associated with public debt (3 Marks) Initials and Surname.. Student No.. Page 5
6 SECTION D ` [24 Marks] 1. The following questions are related to the Topic: Aggregate Demand and Supply Model 1.1. With the aid of AD-AS model, explain the impact of a decrease in the price of oil (Hint: Oil is an input in production) (6 marks) Diagram: (4 marks) Explanation: (2 marks) Initials and Surname.. Student No.. Page 6
7 Using AD-AS model show what will happen to price and output if there is a labour strike (6 marks) Diagram: (4 marks) Explanation: (2 marks) 2. International Trade and Exchange Rates Match the Statement with the Correct Answer (ONLY INDICATE THE CORRECT ANSWER WITH THE CORRESPONDING LETTER) (12 marks) Statement Possible Answers Correct Answer 1. The ratio at which nations will exchange goods and services is known as the 2. The principal concept behind comparative advantage is that a nation should 3. If country A has a higher cost of producing good X than country B, then country 4. In the S.A. balance of payments, foreign purchases of assets in South Africa are a 5. If a S.A. exporter could buy 17,000 Swiss francs for R10,000, the rate of exchange is A. Concentrate production on those products for which it has the lowest domestic opportunity cost. B. Foreign currency inflow C. R1 = 1.7 Swiss francs. D. 1 Swiss franc = R0.55. E. B has a comparative advantage in the production of product X. Initials and Surname.. Student No.. Page 7
8 6. If a Swiss exporter can buy R15,000 for 27,000 Swiss francs, the exchange rate is F. Terms of trade. Section E [20 Marks] Answer the multiple choice questions on the attached answer sheet on page 11. Mark the correct option clearly with a big cross. Do not remove the staple or any of the pages. The questions are worth 2 marks each. 1. In companies, owners are and managers are.: A. agents; principals. B. stockholders; bondholders. C. agents; employees. D. principals; agents. E. agent; bondholder 2. One principal advantage of the companies is that owners: A. are not taxed for income received. B. always control the company. C. are sole proprietors. D. have limited liability. E. always tax payers 3. The GDP can be expressed as GDP at:: A. factor cost, basic prices and or market prices. B. national level. C. factor cost plus basic cost. D. market value minus basic prices plus subsidies. E. national level plus domestic level 4. Kabelo a citizen of South Africa who works in Zimbabwe's income will be added to the: A. GDP of SA and the GDP of Zimbabwe. B. GNI of both countries. C. GNI of South Africa and the GDP of Zimbabwe. D. not been added at all. E. none of the above 5. Suppose the total market value of all final goods and services produced in a particular country in 2006 is R500 billion and the total market value of final goods and services sold is R450 billion. We can conclude that:: A. GDP in 2006 is R450 billion. B. NDP in 2006 is R450 billion. C. GDP in 2006 is R500 billion. D. inventories in 2006 fell by R50 billion. E. GNI IN 2006 is R430 billion. Initials and Surname.. Student No.. Page 8
9 6. Recently, the level of GDP has declined by R60 billion in an economy where the marginal propensity to consume is.75. This decline was caused by a fall in aggregate: A. expenditures of R45 billion. B. expenditures of R30 billion. C. expenditures of R15 billion. D. supply of R45 billion. E. supply of R30 billion. 7. Which of the following would be considered a leakage from the circular flow?? A. exports B. imports C. investment D. consumption E. banks 8. The MPC can be defined as that fraction of a: A. change in income that is not spent. B. given total income that is not consumed. C. given total income that is consumed. D. Given total income that is saved E. change in income that is spent. 9. The 45-degree line on a graph relating consumption and income shows: A. all points where the MPC is constant. B. all points at which saving and income are equal. C. the amounts households will plan to save at each possible level of income. D. All points where the MPS is constant. E. all the points at which consumption and income are equal. 10. The amount of consumption in an economy depends: A. inversely on the level of disposable income. B. directly on the level of disposable income. C. inversely on the level of saving. D. directly on the rate of interest. E. none of the above Initials and Surname.. Student No.. Page 9
10 Question Section E - Answer Sheet (Remember to write your student number on the bottom of this sheet) Question 1 Question 2 Question 3 Question 4 Question 5 Question 6 Question 7 Question 8 Question 9 Question 10 A B C D E Initials and Surname.. Student No.. Page 10
Management economics 3 FINAL ASSESMENT 2016 ATTENDANCE FORM
ATTENDANCE FORM Surname Initials Student number Venue GENERAL INSTRUCTIONS 1. Do not remove the staple hand this paper in as a whole. 2. Remove only the top page (this page), and hand it in together with
ATTENDANCE FORM. 1. Do not remove the staple hand this paper in as a whole.
ATTENDANCE FORM Surname Initials Student number Venue GENERAL INSTRUCTIONS 1. Do not remove the staple hand this paper in as a whole. 2. Remove only the top page (this page). The invigilators will collect
Principles of Macroeconomics Prof. Yamin Ahmad ECON 202 Spring 2007
Principles of Macroeconomics Prof. Yamin Ahmad ECON 202 Spring 2007 Midterm Exam II Name Id # Instructions: There are two parts to this midterm. Part A consists of multiple choice questions. Please mark
OVERVIEW. 1. This chapter presents a graphical approach to the determination of income. Two different graphical approaches are provided.
24 KEYNESIAN CROSS OVERVIEW 1. This chapter presents a graphical approach to the determination of income. Two different graphical approaches are provided. 2. Initially, both the consumption function and
Learning Objectives. 1. Describe how the government budget surplus is related to national income.
Learning Objectives 1of 28 1. Describe how the government budget surplus is related to national income. 2. Explain how net exports are related to national income. 3. Distinguish between the marginal propensity
OCR Economics A-level
OCR Economics A-level Macroeconomics Topic 2: Aggregate Demand and Aggregate Supply 2.1 Circular flow of income Notes The circular flow of income Firms and households interact and exchange resources in
Chapter 22. Adding Government and Trade to the Simple Macro Model. In this chapter you will learn to. Introducing Government. Government Purchases
Chapter 22 Adding Government and Trade to the Simple Macro Model In this chapter you will learn to 1. Describe the relationship between national income and government purchases and tax revenues. 2. Describe
UNIVERSITY OF TORONTO Faculty of Arts and Science. August Examination 2006 ECO 209Y
UNIVERSITY OF TORONTO Faculty of Arts and Science August Examination 2006 ECO 209Y Duration: 2 hours Examination Aids allowed: Non-programmable calculators only INSTRUCTIONS: Students are required to answer
CIE Economics A-level
CIE Economics A-level Topic 4: The Macroeconomy e) The circular flow of income Notes Closed and open economies A closed economy is entirely self-sufficient, so it has no need to import anything, and it
Consumption & Investment
Business Environment.2 Week 3 Consumption & Investment 1 Objectives To understand the nature of the consumption and investment. To understand the factors affecting consumption. To understand the factors
7. Refer to the above graph. It depicts an economy in the: A. Immediate short run B. Short run C. Immediate long run D. Long run
CHAPTER 29 1. When the price level decreases: A. The demand for money falls and the interest rate falls B. Holders of financial assets with fixed money values decrease their spending C. Holders of financial
ECO 2013: Macroeconomics Valencia Community College
ECO 2013: Macroeconomics Valencia Community College Exam 3 Fall 2008 1. The most important determinant of consumer spending is: A. the level of household debt. B. consumer expectations. C. the stock of
1. The most basic premise of the aggregate expenditures model is that:
1. The most basic premise of the aggregate expenditures model is that: A. The total output produced in the economy depends directly on the level of total spending B. The level of employment in the economy
a) Calculate the value of government savings (Sg). Is the government running a budget deficit or a budget surplus? Show how you got your answer.
Economics 102 Spring 2018 Answers to Homework #5 Due 5/3/2018 Directions: The homework will be collected in a box before the lecture. Please place your name, TA name and section number on top of the homework
KING S UNIVERSITY COLLEGE. Economics 1022B (570 & 574) Review Questions for Chapter 27
KING S UNIVERSITY COLLEGE Economics 1022B (570 & 574) G. Copplestone Review Questions for Chapter 27 Multiple Choice Questions: 1) If the marginal propensity to consume is 0.85, what change in consumption
Y = 71; :5Y (1 0:5)Y = 71; 500 0:5Y = 71; 500 Y = 143; 000. Note that you can get the same result if you use the formula
Basic Keynesian Model (Chapter 0): () C 4; 000 + 0:5(Y T ) since Y D Y T T 5; 000; I P 55; 000; G 20; 000 NX T otal Exports T otal Im ports 5; 000 20; 000 5; 000 AE C+I P +G+NX 4; 000+0:5(Y 5; 000)+55;
University of Toronto June 14, 2007 ECO 209Y - L5101 MACROECONOMIC THEORY. Term Test #1 DO NOT WRITE IN THIS SPACE. Part I /24.
Department of Economics Prof. Gustavo Indart University of Toronto June 14, 2007 SOLUTION ECO 209Y - L5101 MACROECONOMIC THEORY Term Test #1 LAST NAME FIRST NAME INSTRUCTIONS: STUDENT NUMBER 1. The total
National-Income Accounting Part II
National-Income Accounting Part II Nothing is more destructive than the gap between people's perceptions of their own day-to-day economic well-being and what politicians and statisticians are telling them
Pre-Test Chapter 9 ed17
Pre-Test Chapter 9 ed17 Multiple Choice Questions 1. Which of the following statements is incorrect? A. Given the economy's MPS, a $15 billion reduction in government spending will reduce the equilibrium
Measuring Domestic Output and National Income
Chapter 27 Measuring Domestic Output and National Income Assessing the Economy s Performance National income accounting measures economy s overall performance Bureau of Economic Analysis compiles National
ECO 209Y MACROECONOMIC THEORY AND POLICY
Department of Economics Prof. Gustavo Indart University of Toronto October 22, 2010 ECO 209Y MACROECONOMIC THEORY AND POLICY Term Test #1 LAST NAME FIRST NAME STUDENT NUMBER Circle your section of the
SOLUTION ECO 209Y MACROECONOMIC THEORY. Midterm Test #1. University of Toronto October 21, 2005 LAST NAME FIRST NAME STUDENT NUMBER INSTRUCTIONS:
Department of Economics Prof. Gustavo Indart University of Toronto October 21, 2005 SOLUTION ECO 209Y MACROECONOMIC THEORY Midterm Test #1 LAST NAME FIRST NAME STUDENT NUMBER INSTRUCTIONS: 1. The total
Econ 102 Exam 2 Name ID Section Number
Econ 102 Exam 2 Name ID Section Number 1. Suppose investment spending increases by $50 billion and as a result the equilibrium income increases by $200 billion. The investment multiplier is: A) 10. B)
SAMPLE EXAM QUESTIONS FOR FALL 2018 ECON3310 MIDTERM 2
SAMPLE EXAM QUESTIONS FOR FALL 2018 ECON3310 MIDTERM 2 Contents: Chs 5, 6, 8, 9, 10, 11 and 12. PART I. Short questions: 3 out of 4 (30% of total marks) 1. Assume that in a small open economy where full
IMPORTANT INFORMATION:
Economics 1B ECS1601 Semester 1 Department of Economics IMPORTANT INFORMATION: This tutorial letter contains solutions to assignment 03 BARCODE SOLUTIONS TO ASSIGNMENT 03 QUESTIONS SEMESTER 1, 2017 3.1
TUTORIAL 1 & 2: INTRODUCTION TO MACROECONOMICS. 1. What are the 3 main types of unemployment found in an economy?
Structure Questions: UNIVERSITI TUNKU ABDUL RAHMAN FACULTY OF ACCOUNTANCY AND MANAGEMENT ACADEMIC YEAR 2013/2014 TUTORIAL 1 & 2: INTRODUCTION TO MACROECONOMICS 1. What are the 3 main types of unemployment
ASSIGNMENT 1 ST SEMESTER : MACROECONOMICS (MAC) ECONOMICS 1 (ECO101) STUDY UNITS COVERED : STUDY UNITS 1 AND 2. DUE DATE : 3:00 p.m.
Page 1 of 15 ASSIGNMENT 1 ST SEMESTER : MACROECONOMICS (MAC) ECONOMICS 1 (ECO101) STUDY UNITS COVERED : STUDY UNITS 1 AND 2 DUE DATE : 3:00 p.m. 19 MARCH 2013 TOTAL MARKS : 100 INSTRUCTIONS TO CANDIDATES
Y C T
Economics 102 Fall 2017 Homework #5 Due 12/12/2017 Directions: The homework will be collected in a box before the lecture. Please place your name, TA name and section number on top of the homework (legibly).
In recessions the aggregate demand of economies falls. John Maynard Keynes
In recessions the aggregate demand of economies falls. John Maynard Keynes Total spending doesn t always match total output at the desired full-employment price-stability level. The circular flow of income
PAPER No. : 4 Basic Macroeconomics MODULE No. : 2- Circular Flow of Income and Expenditure
Subject Paper No and Title Module No and Title Module Tag 4, Basic Macroeconomics 2, Circular Flow of Income and Expenditure ECO_P4_M2 TABLE OF CONTENTS 1. Learning Outcomes 2. Introduction 3. The Four
4. SOME KEYNESIAN ANALYSIS
4. SOME KEYNESIAN ANALYSIS Fiscal and Monetary Policy... 2 Some Basic Relationships... 2 Floating Exchange Rates and the United States... 7 Fixed Exchange Rates and France... 11 The J-Curve Pattern of
Distinguish between the three broad functions of government.
ECS60 SOME SUGGESTED SOLUTIONS MAY/JUNE 206 SECTION A Question a Define money Money is anything that is commonly accepted as payment for goods and services, or that is accepted in settlement of debts.
I. Learning Objectives II. The Income-Consumption and Income-Saving Relationships
I. Learning Objectives In this chapter students will learn: A. How changes in income affect consumption (and saving). B. About factors other than income that can affect consumption. C. How changes in real
Lecture 8: The Aggregate Expenditures Model Reference - Chapter 7
Lecture 8: The Aggregate Expenditures Model Reference - Chapter 7 VII. Changes in Equilibrium GDP and the Multiplier A. Equilibrium GDP changes in response to changes in the investment schedule or to changes
SOLUTION ECO 202Y - L5101 MACROECONOMIC THEORY. Term Test #1 LAST NAME FIRST NAME STUDENT NUMBER. University of Toronto June 18, 2002 INSTRUCTIONS:
Department of Economics Prof. Gustavo Indart University of Toronto June 18, 2002 SOLUTION ECO 202Y - L5101 MACROECONOMIC THEORY Term Test #1 LAST NAME FIRST NAME STUDENT NUMBER INSTRUCTIONS: 1. The total
THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) MICRO-ECONOMICS QUESTION PAPER NOVEMBER 2014 SECTION A: (MICRO-ECONOMICS)
SECTION A: (MICRO-ECONOMICS) NB: answer only three (3) questions in this section QUESTION 1 The table below shows the various combinations of yam and maize that a hypothetical country can produce per farming
Economics 1012A: Introduction to Macroeconomics FALL 2007 Dr. R. E. Mueller Third Midterm Examination November 15, 2007
Economics 1012A: Introduction to Macroeconomics FALL 2007 Dr. R. E. Mueller Third Midterm Examination November 15, 2007 Answer all of the following questions by selecting the most appropriate answer on
Basic Macroeconomic Relationships
8 Basic Macroeconomic Relationships 8-1 Chapter Objectives How Changes in Income Affect Consumption (and Saving). About Factors Other Than Income That Can Affect Consumption. How Changes in Real Interest
Part2 Multiple Choice Practice Qs
Part2 Multiple Choice Practice Qs 1. The Keynesian cross shows: A) determination of equilibrium income and the interest rate in the short run. B) determination of equilibrium income and the interest rate
Midterm Exam Study Guide
Midterm Exam Study Guide Spring 2016 EWMBA201B Macro Sections Axe&Oski/AM&PM/31A&32A/Morning&Afternoon Jim Wilcox and Leslie Shen These questions are food for thought; they are designed to assist you in
14.02 Principles of Macroeconomics Problem Set # 2, Answers
14.0 Principles of Macroeconomics Problem Set #, Answers Part I 1. False. The multiplier is 1/ [1- c 1 (1- t)]. The effect of an increase in autonomous spending is dampened because taxes respond proportionally
Chapter 11 1/19/2018. Basic Keynesian Model Expenditure and Tax Multipliers
Chapter 11 Basic Keynesian Model Expenditure and Tax Multipliers This chapter presents the basic Keynesian model and explains: how aggregate expenditure (C,I,G,X and M) is determined when the price level
What is Macroeconomics?
Introduction ti to Macroeconomics MSc Induction Simon Hayley Simon.Hayley.1@city.ac.uk it What is Macroeconomics? Macroeconomics looks at the economy as a whole. It studies aggregate effects, such as:
SOLUTION ECO 209Y - L5101 MACROECONOMIC THEORY. Term Test #1 LAST NAME FIRST NAME STUDENT NUMBER. University of Toronto June 22, 2004 INSTRUCTIONS:
Department of Economics Prof. Gustavo Indart University of Toronto June 22, 2004 SOLUTION ECO 209Y - L5101 MACROECONOMIC THEORY Term Test #1 LAST NAME FIRST NAME STUDENT NUMBER INSTRUCTIONS: 1. The total
Part I (45 points; Mark your answers in a SCANTRON)
Final Examination Name: ECON 4020/ SPRING 2005 Instructor: Dr. M. Nirei 1:30 3:20 pm, April 28, 2005 Part I (45 points; Mark your answers in a SCANTRON) (1) The GDP deflator is equal to: a. the ratio of
1. When the Federal government uses taxation and spending actions to stimulate the economy it is conducting:
1. When the Federal government uses taxation and spending actions to stimulate the economy it is conducting: A. Fiscal policy B. Incomes policy C. Monetary policy D. Employment policy 2. When the Federal
ECS2602. Tutorial letter 201/1/2018. Macroeconomics. Department of Economics First semester ECS2602/201/1/2018
ECS2602/201/1/2018 Tutorial letter 201/1/2018 Macroeconomics ECS2602 Department of Economics First semester Answers to Assignment 01 Answers to Assignment 02 Answers to Self-assessment Assignment 04 BARCODE
Aggregate Supply and Aggregate Demand
Aggregate Supply and Aggregate Demand Econ 120: Global Macroeconomics 1 1.1 Goals Goals Specific Goals Define the expenditure multiplier and how to compute it. Explain how recessions and expansions can
Tutorial letter 102/3/2018
ECS2602/102/3/2018 Tutorial letter 102/3/2018 Macroeconomics 2 ECS2602 Department of Economics Workbook: Activities for learning units 1 to 9 Define tomorrow 2 IMPORTANT VERBS As a student, you should
OVERVIEW. 4. Equilibrium occurs at the level of income where the inflows equal the outflows, I + G = S + T.
22 GOVERNMENT OVERVIEW 1. Both consumers and business pay taxes. For consumers, taxes have the impact of reducing the amount of income. they can spend. Income minus taxes is disposable income, which consumers
AGENDA Tues 1/26. QOD #8: GDP Calculations HW Review ( P #4,5,7) Partner Practice
AGENDA Tues 1/26 QOD #8: GDP Calculations HW Review (494-500 P #4,5,7) Partner Practice Study for CH 23-24 Assessment Parent Syllabus review LO1 24-1 QOD #8: GDP Calculations-Part 1 Suppose that annual
UNIVERSITY OF TORONTO Faculty of Arts and Science APRIL/MAY EXAMINATIONS 2006 ECO 209Y1 Y. Duration: 2 hours
UNIVERSITY OF TORONTO Faculty of Arts and Science APRIL/MAY EXAMINATIONS 2006 ECO 209Y1 Y Duration: 2 hours Examination Aids allowed: Non-programmable calculator only There are five parts to the exam PART
Unit 4: Measuring GDP and Prices
Unit 4: Measuring GDP and Prices ECO 120 Global Macroeconomics 1 1.1 Reading Reading Gross Domestic Product (GDP): Module 11 Real vs Nominal GDP: Module 12 1.2 Goals Goals Specific Goals: Understand how
Economics EBH003/ADI003 Date: November Assessor: Mr M Biyase Time: 2hrs Total Marks: 100 Moderator Dr P Baur
ECONOMICS EBH003/ADI003 DEPARTMENT OF ECONOMICS AND ECONOMETRICS FINAL ASSESSMENT NOV 2015 Economics EBH003/ADI003 Date: November 2015 Assessor: Mr M Biyase Time: 2hrs Total Marks: 100 Moderator Dr P Baur
Econ 3 Practice Final Exam
Econ 3 Winter 2010 Econ 3 Practice Final Exam No books or notes of any kind are allowed. On problems requiring calculations, you will only get credit if you show your work. Part I: Longer Answers. Please
ECON 1000 D. Come to the PASS workshop with your mock exam complete. During the workshop you can work with other students to review your work.
It is most beneficial to you to write this mock midterm UNDER EXAM CONDITIONS. This means: Complete the midterm in 2.5 hours. Work on your own. Keep your notes and textbook closed. Attempt every question.
ECON Intermediate Macroeconomics (Professor Gordon) First Midterm Examination: Fall 2011 Answer sheet
ECON 311 - Intermediate Macroeconomics (Professor Gordon) First Midterm Examination: Fall 2011 Answer sheet YOUR NAME: Circle the TA session you attend: Ofer 9AM 4PM Nuri 4PM Juan 9AM INSTRUCTIONS: 1.
2. Suppose a family s annual disposable income is $8000 of which it saves $2000. (a) What is their APC?
REVIEW Chapters 10 and 13 Fiscal Policy 1. Complete the following table assuming that (a) MPS = 1/5, (b) there is no government and (c) all saving is personal saving. Level of output and income Consumption
Chapter 47: HL extension the Keynesian multiplier (2.3)
Chapter 47: HL extension the Keynesian multiplier (2.3) HL extensions Circular flow revisited Calculation of the multiplier (k) Diagrammatical illustration Evaluation of the multiplier The nature of the
11 EXPENDITURE MULTIPLIERS* Chapt er. Key Concepts. Fixed Prices and Expenditure Plans1
Chapt er EXPENDITURE MULTIPLIERS* Key Concepts Fixed Prices and Expenditure Plans In the very short run, firms do not change their prices and they sell the amount that is demanded. As a result: The price
1. STUDENTS WILL BE ABLE TO DEFINE AND EXPLAIN THE CONCEPT OF FISCAL POLICY
LIGHTHOUSE CPA SOCIAL SCIENCES DEPARTMENT AP ECONOMICS STUDY GUIDE # 18 - FISCAL POLICY & MANAGEMENT CHAPTER LEARNING OBJECTIVES STUDENTS WILL BE ABLE TO DEFINE AND EXPLAIN THE CONCEPT OF FISCAL POLICY
Economics 102 Discussion Handout Week 13 Fall Introduction to Keynesian Model: Income and Expenditure. The Consumption Function
Economics 102 Discussion Handout Week 13 Fall 2017 Introduction to Keynesian Model: Income and Expenditure The Consumption Function The consumption function is an equation which describes how a household
Lesson 8: Aggregate demand; consumption, investment, public expenditure and taxation.
Introduction to Economic Analysis. Antonio Zabalza. University of Valencia 1 Lesson 8: Aggregate demand; consumption, investment, public expenditure and taxation. 8.1 Consumption As we saw in the circular
FACULTY NAME: MANAGEMENT SCIENCE NAME OF DEPARTMENT: ACCOUNTING, ECONOMICS AND FINANCE. Intermediate Macro-Economics
FACULTY NAME: MANAGEMENT SCIENCE NAME OF DEPARTMENT: ACCOUNTING, ECONOMICS AND FINANCE COURSE NAME: COURSE CODE: Intermediate Macro-Economics IMA612S DATE: January 2016 MARKS: 100 DURATION: 3 Hours SECOND
W8- GROSS DOMESTIC PRODUCT MEASURES TOTAL PRODUCTION BSB113
W8- GROSS DOMESTIC PRODUCT MEASURES TOTAL PRODUCTION BSB113 Gross Domestic Product (GDP): the market value of all final goods and services produced in a country during a period. In measuring GDP, we include
FEEDBACK TUTORIAL LETTER
FEEDBACK TUTORIAL LETTER 2 ND SEMESTER 2018 ASSIGNMENT 1 INTERMEDIATE MACRO ECONOMICS IMA612S 1 Course Name: Course Code: Department: INTERMEDIATE MACROECONOMICS IMA612S ACCOUNTING, ECONOMICS AND FINANCE
Chapter 3. National Income: Where it Comes from and Where it Goes
ECONOMY IN THE LONG RUN Chapter 3 National Income: Where it Comes from and Where it Goes 1 QUESTIONS ABOUT THE SOURCES AND USES OF GDP Here we develop a static classical model of the macroeconomy: prices
ECO 209Y MACROECONOMIC THEORY AND POLICY
Department of Economics Prof. Gustavo Indart University of Toronto October 30, 2015 ECO 209Y MACROECONOMIC THEORY AND POLICY Term Test #1 LAST NAME FIRST NAME STUDENT NUMBER Indicate your section of the
13 EXPENDITURE MULTIPLIERS: THE KEYNESIAN MODEL* Chapter. Key Concepts
Chapter 3 EXPENDITURE MULTIPLIERS: THE KEYNESIAN MODEL* Key Concepts Fixed Prices and Expenditure Plans In the very short run, firms do not change their prices and they sell the amount that is demanded.
ECON Intermediate Macroeconomics (Professor Gordon) First Midterm Examination: Winter 2017 Answer sheet
ECON 311 - Intermediate Macroeconomics (Professor Gordon) First Midterm Examination: Winter 2017 Answer sheet YOUR NAME: Student ID: Circle the TA session you attend: Bence 3PM Burke - 3PM Chris - 3PM
Lecture Investment and Saving
Lecture 3-1 4. Investment and Saving Investment is the portion of final product that adds to the nation s stock of income-yielding physical assets or that replaces old, worn-out physical assets. The goods
EXPENDITURE MULTIPLIERS
27 EXPENDITURE MULTIPLIERS After studying this chapter, you will be able to: Explain how expenditure plans are determined Explain how real GDP is determined at a fixed price level Explain the expenditure
AGGREGATE DEMAND, AGGREGATE SUPPLY, AND INFLATION. Chapter 25
1 AGGREGATE DEMAND, AGGREGATE SUPPLY, AND INFLATION Chapter 25 2 One of the most important issues in macroeconomics is the determination of the overall price level Up to now, we took the price level as
Tutorial letter 204/1/2016. Macroeconomics ECS2602. Department of Economics Semester 1. Answers to Assignment 04
ECS2602/204/1/2016 Tutorial letter 204/1/2016 Macroeconomics ECS2602 Department of Economics Semester 1 Answers to Assignment 04 Answers to Self-assessment Assignment 05 Dear student In this tutorial letter
AP Macroeconomics Syllabus Course Outline Required text: Economics: Principles, Problems, and Policies McConnel and Brue 15 th edition
AP Macroeconomics Mrs. Cook 1 st Period Room 210 AP Macroeconomics Syllabus Course Outline Required text: Economics: Principles, Problems, and Policies McConnel and Brue 15 th edition Unit One: Basic Economic
AGGREGATE EXPENDITURE AND EQUILIBRIUM OUTPUT. Chapter 20
1 AGGREGATE EXPENDITURE AND EQUILIBRIUM OUTPUT Chapter 20 AGGREGATE EXPENDITURE AND EQUILIBRIUM OUTPUT The level of GDP, the overall price level, and the level of employment three chief concerns of macroeconomists
Fiscal and Monetary Policy in the Growth Model. Introduction
Introduction Fiscal and Monetary Policy in the Growth Model A. Our focus will be on fiscal and monetary policies over a longtime horizon. (ex. 10 years) B. Ex. The federal budget deficit was much higher
Fiscal policy. Macroeconomics 5th lecture
Fiscal policy Macroeconomics 5th lecture Reminder Transactions by the government Firms Commodity market transfer payments taxes Government transfer payments taxes Households Financial markets 2 Fiscal
SCHOOL OF ACCOUNTING AND BUSINESS BSc. (APPLIED ACCOUNTING) GENERAL / SPECIAL DEGREE PROGRAMME YEAR II SEMESTER II END SEMESTER EXAMINATION APRIL 2015
All Rights Reserved No. of Pages - 09 No of Questions - 08 SCHOOL OF ACCOUNTING AND BUSINESS BSc. (APPLIED ACCOUNTING) GENERAL / SPECIAL DEGREE PROGRAMME YEAR II SEMESTER II END SEMESTER EXAMINATION APRIL
ECON 3312 Macroeconomics Exam 2 Spring 2017 Prof. Crowder
ECON 3312 Macroeconomics Exam 2 Spring 2017 Prof. Crowder Name MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) Suppose the economy is currently
UNIVERSITY OF TORONTO Faculty of Arts and Science. August Examination 2013 ECO 209Y. Duration: 2 hours
UNIVERSITY OF TORONTO Faculty of Arts and Science August Examination 2013 ECO 209Y Duration: 2 hours Examination Aids allowed: Non-programmable calculators only LAST NAME FIRST NAME STUDENT NUMBER DO NOT
ECON 102 Tutorial 3. TA: Iain Snoddy 18 May Vancouver School of Economics
ECON 102 Tutorial 3 TA: Iain Snoddy 18 May 2015 Vancouver School of Economics Questions Questions 1-3 set-up Y C I G X M 1.00 1.00 0.5 0.7 0.45 0.15 2.00 1.65 0.5 0.7 0.45 0.30 3.00 2.30 0.5 0.7 0.45 0.45
The text was adapted by The Saylor Foundation under the CC BY-NC-SA without attribution as requested by the works original creator or licensee
the CC BY-NC-SA without attribution as requested by the works original creator or licensee 1 of 19 Chapter 21 IS-LM C H A P T E R O B J E C T I V E S By the end of this chapter, students should be able
GDP accounting. GDP: market value of all newly produced goods and services produced in a given location in a specific time period
IS Curve GDP accounting GDP: market value of all newly produced goods and services produced in a given location in a specific time period GDP accounting GDP: market value of all newly produced goods and
Chapter 12 Consumption, Real GDP, and the Multiplier
Chapter 12 Consumption, Real GDP, and the Multiplier Learning Objectives After you have studied this chapter, you should be able to 1. define saving, savings, consumption, dissaving, autonomous consumption,
Monetary Macroeconomics Lecture 3. Mark Hayes
Diploma Macro Paper 2 Monetary Macroeconomics Lecture 3 Aggregate demand: Investment and the IS-LM model Mark Hayes slide 1 Outline Introduction Map of the AD-AS model This lecture, continue explaining
CHAPTER 17 (7e) 1. Using the information in this chapter, label each of the following statements true, false, or uncertain. Explain briefly.
Self-practice (Open Economy) Ch 17(7e): Q1, Q2, Q5 Ch 18(7e): Q1, Q2, Q5, Q7, Ch 20(6e): Q1-Q5 CHAPTER 17 (7e) 1. Using the information in this chapter, label each of the following statements true, false,
ECO 209Y MACROECONOMIC THEORY AND POLICY LECTURE 3: AGGREGATE EXPENDITURE AND EQUILIBRIUM INCOME
ECO 209Y MACROECONOMIC THEORY AND POLICY LECTURE 3: AGGREGATE EXPENDITURE AND EQUILIBRIUM INCOME Gustavo Indart Slide 1 ASSUMPTIONS We will assume that: There is no depreciation There are no indirect taxes
Basic Macroeconomics Relationships. Business, Computers, & Information Technology
Basic Macroeconomics Relationships Business, Computers, & Information Technology Unit 3 Chapter 27 1 Remember Growth, Business Cycle, Recession, and Inflation? Macroeconomic Relationships help us explain
ECO 2013: Macroeconomics Valencia Community College
ECO 2013: Macroeconomics Valencia Community College Final Exam Fall 2008 1. Fiscal policy is carried out primarily by: A. the Federal government. B. state and local governments working together. C. state
The Core of Macroeconomic Theory
PART III The Core of Macroeconomic Theory 1 of 33 The level of GDP, the overall price level, and the level of employment three chief concerns of macroeconomists are influenced by events in three broadly
Chapter 5 Measuring a Nation's Income
Chapter 5 Measuring a Nation's Income Problem set 1. Which of the following headlines would be most closely related to what macroeconomists study? a. Unemployment rate rises from 5 percent to 5.5 percent.
Name: Student # : Section: RYERSON UNIVERSITY Department of Economics
Name: Student # : Section: RYERSON UNIVERSITY Department of Economics ECN 204 (Section-7) TERM TEST 2 November, 2004 Instructor: Sharif F. Khan Time Limit: 50 minutes Total Pages Including the Cover Sheet:
Exam 3 ECON Thurs. Nov. 14, :30 a.m. Form A
Exam 3 ECON 2105 Thurs. Nov. 14, 2002 9:30 a.m. Name: ID #: Form A There are 30 multiple choice questions, worth 2.5 points each (for a total of 75 points). The short answer questions are worth 25 points.
ADVANCED PLACEMENT MACROECONOMICS
ADVANCED PLACEMENT MACROECONOMICS Maple Grove Senior High School Jeff Rush rushj@district279.org, rushsocialstudies.weebly.com, aplia.com Social Studies Department Required textbook Economics, McConnell
Economics Macroeconomic Theory. Spring Final Exam, Tuesday 6 May 2003
Economics 202.04 - Macroeconomic Theory Spring 2003 - Final Exam, Tuesday 6 May 2003 Please answer: ALL QUESTIONS IF YOU DO PART 1 3 OUT OF 4 QUESTIONS IF YOU DO PART 2 Each question in each part carries
University of Toronto June 17, 2002 ECO 208Y - L5101 MACROECONOMIC THEORY. Term Test #1 LAST NAME FIRST NAME
Department of Economics Prof. Gustavo Indart University of Toronto June 17, 2002 SOLUTION ECO 208Y - L5101 MACROECONOMIC THEORY Term Test #1 LAST NAME FIRST NAME STUDENT NUMBER INSTRUCTIONS: 1. The total
The Goods Market and the Aggregate Expenditures Model
The Goods Market and the Aggregate Expenditures Model Chapter 8 The Historical Development of Modern Macroeconomics The Great Depression of the 1930s led to the development of macroeconomics and aggregate
This is IS-LM, chapter 21 from the book Finance, Banking, and Money (index.html) (v. 1.1).
This is IS-LM, chapter 21 from the book Finance, Banking, and Money (index.html) (v. 1.1). This book is licensed under a Creative Commons by-nc-sa 3.0 (http://creativecommons.org/licenses/by-nc-sa/ 3.0/)
EQ: What are the Assumptions of Keynesian Economic Theory?
EQ: How is Keynesian Theory Different from Classical Theory? Classical Theory Supply-Focused (SRAS) Say s Law Economy is self-regulating Laissez-Faire Wages can go up or down Businesses will borrow & invest