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

## Exam Information

 Material Type: Exam 1 Professor: Dincer Class: ECO 241.00 - Intermediate Macroeconomic Theory Subject: Economics University: Illinois State University Term: Fall 2008 Keywords: Equation of ExchangeProvided ThatThe EconomyPrice IndexRelationshipDeterminationConsumptionEmployment-at-WillEmployment at WillFisher Effect

## 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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