Final Exam Review Sheet
Final Exam Review Sheet
Final Exam Review Sheet
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CIA 4U1 June 2012 <strong>Final</strong> <strong>Exam</strong> <strong>Review</strong> <strong>Sheet</strong> Mr. Raposo<br />
Chapter 8: Measures of Economic Activity<br />
• Know what national income accounts are<br />
• Define GDP, GDP per capita and understand the limitations of GDP<br />
• What causes economic growth? (Land, Labour, Capital, Entrepreneurship/Technology)<br />
• The benefits/costs of economic growth (open letter from a “Growth Man/Non-Growth Man”<br />
Chapter 9: Inflation and Unemployment<br />
• Define inflation, deflation and hyperinflation<br />
• What does CPI stand for and how is it measured?<br />
• Calculate inflation over a given year with CPI provided<br />
• Unemployment: Types of unemployment, definitions and examples<br />
• What is full employment and the natural rate of unemployment?<br />
Chapter 10: Economic Fluctuations<br />
• Define aggregate demand (AD) and understand how increases (decreases) shift the AD curve<br />
• Define aggregate demand (AS) and understand how increases (decreases) shift the AS curve<br />
• Correctly label and understand the interaction of AD and AS, the impact on price levels and output and identify the<br />
potential output target level<br />
• Draw and label the business cycle, identifying when contractionary and expansionary fiscal policy is required<br />
Chapter 11:Fiscal Policy<br />
• Understand stabilization policy, understand expansionary and contractionary shifts in AD<br />
• Understand automatic stabilizers<br />
• Understand and calculate the multiplier effect, marginal propensity to consume (MPC), marginal propensity to<br />
withdraw (MPW) and the spending multiplier<br />
• Know what budget deficits, budget surpluses and balanced budgets are and how they relate to Canada’s most<br />
recent Federal Budget<br />
• Label the “leaky bucket” and explain its relevance to economics<br />
Chapter 12:Money (upto p.331)<br />
• List, explain and provide an example of the functions of money<br />
• Understand the definitions of the supply of money<br />
• Able to relate Money supply/interest rates<br />
Chapter 13:Monetary Policy<br />
• Monetary Policy: expansionary and contractionary<br />
• Demand Pull and Cost Push inflation<br />
• The role of the Bank of Canada<br />
Chapter 14 & 15:International Trade)<br />
• Exchange rates/appreciation/depreciation<br />
• Fixed vs Floating/flexible exchange rates<br />
• Imports/exports, current account, capital account
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