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MACROECONOMICS
ECNM612
I.DEFINITIONS.Define10terms.Provideexampleswherepertinent.
Investment
ProducerPriceIndex
Monetarybase
Velocity
ConsumerPriceIndex
Pricedeflator
BusinessCycle
BankReserves
DemandDepositscouponinterestrate
TimeDeposits
Treasurysecurities(bonds)
Assets
Liabilities
Policy
Equity
II.ESSAYQUESTIONS.AnswerBOTHquestions.Answerallpartstoeach
question.
1.a)WhatisGDP?ProvideatleasttwointerpretationsoftheconceptGDP.
b)ExplaintherelationshipbetweenAggregateDemandandGDP.
c)DevelopamathematicalmodelexplainingGDP,anddescribetheimpact
ofeachitscomponents.
d)WhatistheKeynesiantheoryofthemacroeconomy?UsetheAD/AS
modeltoexplain.
e)WhatisFiscalpolicy?
WhatarethegoalsofFiscalpolicy?
WhatarethetoolsofFiscalpolicy?
f)Explainhowcontractionaryfiscalpolicywouldbeimplemented.
Whatarethedifficultiesinimplementingthis?
g)Howeffectivedoyoubelievefiscalpolicytobe?
2.a)Whatismoney?What,today,comprisesmoney?
b)Whatismonetarytheory?ExplaintheEquationofExchange.
WhatistheroleofmoneyintheMacroeconomy?
c)WhatistheFederalReserve?Whatareitsimportantfunctions?
d)Whatismonetarypolicy?Whyarebanksthemeans(mechanism)by
whichmonetarypolicymustwork?
e)Whatarethegoalsofmonetarypolicy?
f)Whatarethetoolsofmonetarypolicy?Explaineach
g)Whatisthetargetvariable?
h)Giveanexampleofexpansionarymonetarypolicy,showingtheroleof
theFed,banks,and any other economic entity.

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This question was answered on: Nov 07, 2018
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