ECO 372 Final Exam - Questions and Answers | UOP Students

ECO 372 Final Exam

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DQ 1. Using the Bureau of Labor Statistics, the Federal Reserve Bank of St. Louis, or other reputable source, select a key economic indicator that has not been discussed by another student. Discuss how the indicator was created and its current value. What does this key indicator say about the current economic condition?

DQ 2. What is the difference between real and nominal GDP? Does GDP accurately reflect the nation's welfare? Why or why not? How can data on a country's GDP be used to make a political argument? In your opinion, how much does this happen in the public arena? Please explain your answer.

DQ 3. Identify economic factors that affect the real GDP, the unemployment rate, the inflation rate, and a key interest rate. How do you predict the economy will perform in the next two years given the current state of two of the economic factors you identified? How might your organization be affected by these changes?

DQ 1. Explain the viewpoints of classical and Keynesian economists. How did the economy that existed at the time of these theories influence them? Which theory is more appropriate for the economy today? Why?

DQ 2. What is the economy's current stage in the business cycle? Support your answer with an article written within the last week from the popular press or blog. In light of the text readings, evaluate the article and the source of the article. Based on the information, determine where the economy fits in the business cycle.

DQ 3. Recessions seem to show up every so often and create economic hardship. One might think that macroeconomic policymakers could tame the business cycle and implement policies that would end recessions. Are recessions a necessary fact of macroeconomic life? If not, what would it take to eliminate them? If they are unavoidable, what types of business can benefit from them? How would a recession affect your firm?

Develop a list of resources you might use to gather historical economic data as well as economic forecast data.

Explain how and why each source is valuable and useful.

Identify any quantitative or qualitative forecasting factors contained in the sources.

Discuss this week's objectives with your team. Your discussion should include the topics you feel comfortable with, any topics you struggled with, and how the weekly topics relate to application in your field.

Write a 350- to 1,050-word paper that details your team's findings.

Individual Assignment

Resource: Figure 3-1 in Ch. 3 of Macroeconomics. Part 1

Describe the following terms in your word.

· Gross domestic product (GDP)

· Real GDP

· Nominal GDP

· Unemployment rate

· Inflation rate

· Interest rate

Part 2

Consider the following examples of economic activities:

· Purchasing of groceries

· Massive layoff of employees

· Decrease in taxes