Test#2 Study Guide

Test#2 will consist of 20 True/False questions each worth 5 points. You will have 1 hour and 20 minutes to take the test. 

The following are topics to study for the exam broken down by each module:

Module 48

  • Real GDP
  • Nominal GDP
  • Determining actual growth in aggregate output
  • Real per capita GDP

Module 49

  • Employment
  • Underemployment
  • Discouraged workers
  • Marginally attached workers
  • The relationship between real GDP and changes in the unemployment rate

Module 50

  • Possible reasons that lead to job loss
  • The minimum wage
  • The natural rate of unemployment

Module 51

  • Shoe-leather costs
  • Unit-of-account costs
  • Nominal interest rate
  • Real interest rate

Module 52

  • The aggregate price level
  • Price index
  • Consumer Price Index
  • Producer Price Index

Module 62

  • Planned aggregate spending
  • Unplanned inventories 
  • The multiplier

 Module 63

  • Reasons why the aggregate demand curve has a negative slope
  • What causes Aggregate demand to decrease

Module 64

  • Reasons why the short-run aggregate supply curve is positively sloped
  • What causes short-run aggregate supply to increase