Past Exam for ECO 241.00 - Intermediate Macroeconomic Theory with Dincer at Illinois State (ILSTU)

Exam Information

Material Type:Exam 1
Class:ECO 241.00 - Intermediate Macroeconomic Theory
University:Illinois State University
Term:Fall 2008
  • Equation of Exchange
  • Provided That
  • The Economy
  • Price Index
  • Relationship
  • Determination
  • Consumption
  • Employment-at-Will
  • Employment at Will
  • Fisher Effect
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Sample Document Text

ECO 241 In lieu of a study guide, here is an exam I gave three years ago (the last time I taught the class. The exam you will see on Wednesday will similar questions. Exam 1 1. Using the National Income Accounts data provided below, solve for the values of GDP and Imports. GNP = $4200 Net Foreign Factor Payments = $150 GDP = ??? Consumption = $2650 Investment = $720 Government Purchases = $660 Exports = $450 Imports = ??? Government Transfer Payments = $700 2. Explain the logic underlying Okun's law in terms that a non-economist could readily understand. 3. Using the data in the table below, calculate two price indexes for Year 2, a GDP deflator and a Consumer Price Index. Assume that the goods produced and consumed are identical, so that the goods included are the same in both indexes. Use Year 1 as the base year. Which price index is higher in Year 2? Using the data and your understanding of how the two indexes are calculated, explain why one ...

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