FLYX
Standard Assignments
Principle of Macroeconomics 1.0
Rittenberg and Tregarthen
Lab Question
Lab
1
Lab
2
Lab
3
Question Name
Description
1
Terminology Chapter 1
Match terms with descriptions Difficulty: 1/3
2
Scarcity and Opportunity Cost
Identify the elements of scarcity and opportunity cost in three different scenarios. Difficulty: 1/3
3
Economic Way of Thinking
Five multiple choice questions concerning the economic way of thinking. Difficulty: 1/3
4
Testing Hypotheses in
Economics
Given data and a hypothesis on the data, answer: a) Is the data given consistent with this hypothesis? b) Does the data
prove that this hypothesis is correct? c) What problem might be involved in accepting the hypothesis? Difficulty: 1/3
5
Microeconomics vs.
Macroeconomics
Choose whether each of the following is a case of microeconomics or macroeconomics. Difficulty: 1/3
6
Normative and Positive Issues
Presents the difference between normative and positive issues. Difficulty: 1/3
7
Scarcity
Two multiple choice questions concerning scarcity and given a list of different items, answer whether it is a scarce good or
not. Difficulty: 1/3
8
Opportunity Costs
Given two different job alternatives, answer what the opportunity cost of choosing one job over the other would be and
what would be the least income amount needed to choose one over another. Difficulty: 1/3
9
Marginal Product
Indicate whether each is a microeconomic or macroeconomic topic. Difficulty: 1/3
10
Economic Way of Thinking
Three multiple choice questions concerning the economic way of thinking. Difficulty: 1/3
1
Terminology Chapter 2
Match terms with descriptions Difficulty: 1/3
2
Factors of Production
Choose whether each of the following is labor, capital, or a natural resource. Difficulty : 1/3
3
PP, OC, and CA
Draw the production possibilities of 2 different regions and the combination of these regions. Determine which region has
comparative advantage in one good. Draw the combined PPC of the two regions Difficulty : 1/3
4
Production Possibilities Curve
Given a production possibilities curve, the student must graphically demonstrate a change in curve and actual production.
Difficulty: 1/3
5
Production Possibilities and
Opportunity Cost
Draw the production possibilities curve (line) and calculate the opportunity cost of doing each job. Difficulty : 1/3
6
PP, OC, and CA II
Given two the production possibilities curve (line) of two countries, calculate the slope of each curve and the opportunity
cost of doing each job, then determine who has the comparative advantage in each job. Difficulty : 1/3
7
Growth
Estimate growth based on the provided figure Difficulty: 1/3
8
Combined Production
Possibilities Curve
Description to be added Difficulty : 1/3
9
Comparative Advantage
Draw the production possibilities curve (line) of 2 different people, calculate the opportunity cost of doing each job for
each person, then determine who has the comparative advantage in each job. Difficulty : 1/3
10
International Trade
Students are given several scenarios about trade and comparative advantage and must determine if they are true or not.
Difficulty : 1/3
1
Terminology Chapter 3
Match terms with descriptions Difficulty: 1/3
2
Normal/Inferior Goods
classify normal goods/services for which, demand will increase as income increases and fall if income decreases Difficulty
: 1/3
3
Comlement/Substitute Goods
Classify pairs of goods that are likely to be Complements / Substitutes Difficulty : 1/3
4
Demand And Supply
Decide which case is similar to the provided graph showing a demand or supply shift Difficulty : 1/3
5
Changes in Demand
Given a demand line, the student must graphically demonstrate a change in demand or quantity of demand. Difficulty : 2/3
6
Changes in Supply
Given a supply line, the student must graphically demonstrate a change in supply or quantity of supply. Difficulty : 2/3
7
Given a change in demand and supply (word problem), the student must demonstrate this change graphically and determine
Changes in Demand or Supply
the change in equilibrium price and quantity Difficulty : 2/3
Lab
4
Lab
5
Lab
6
8
Demand and Supply Curves
Given a table of price, quantity demanded and quantity supplied, plot the demand and supply curves. Difficulty : 1/3
9
Demand and Supply Curves
with Surplus or Shortage
Given a table of demand and supply, plot the demand and supply curves then the equilibrium point. Determine whether
there is surplus or shortage at a specific price and indicate the surplus or shortage on the graph. Difficulty : 2/3
10
Schedule Graphing
Given a table of price, quantity demanded and quantity supplied, after a change in quantity supplied, students will fill in the
new quantity demanded and supplied and plot the demand and supply curves. They will also complete entries in a
paragraph. Difficulty: 2/3
1
Terminology Chapter 4
Match terms with descriptions Difficulty: 1/3
2
Demand and Supply Shifting
Given Demand and Supply curves. a) Shift curves with regard to presented information b) Did stock price increase or
decrease? c) Did equilibrium quantity increase or decrease? Difficulty: 1/3
3
Minimum Wages
Draw Demand and Supply curves, answer analysis question regarding minimum wage. Difficulty: 1/3
4
Price Floor
Given a table of price per bushel, quantity demanded and quantity supplied 1) plot the demand and supply curves. 2) Find
the equilibrium point 3) Suppose the government set the price floor on the bushel, what is the result of the price floor 4)
With the price floor, how much do farmers receive for their corn? How much would they have received if there were no
price floor? 5) If the government buys all the surplus corn, how much will it spend? Difficulty: 2/3
5
Price Ceiling
Given a table of rent/month, number of apartments demanded/month and number of apartments supplied/month 1) plot the
demand and supply curves. 2) Find the equilibrium point 3) Suppose the government set the price ceiling on the rent, what
is the result of the rent control Difficulty: 2/3
6
Price Floor and Total Revenue
Given a schedule describing the demand and supply of a market for corn the student must determine the equilibrium and
determine the effects of a price floor if imposed. Difficulty: 2/3
7
Stock Market Concepts
Students are given questions about stocks and the stock market and must determine examples of stock markets. Difficulty:
2/3
8
Price Floor III
Given a labor market diagram, students will complete a paragraph of info and mark all that apply from a list of statements.
Difficulty: 2/3
9
Price Ceiling II
Given a table of data, plot the demand and supply curves and find the current price, plot the price ceiling, and answer if
there is a shortage, and what will it be. Difficulty: 2/3
10
Algebra - Price Floor II
Given a demand equation and supply equation, the student will find the equilibrium quantity. Given a price floor, they will
find the quantity demanded and supplied and the excess supply resulting from the price floor. Difficulty: 2/3
1
Chapter 5 Terminology
Match terms to definitions
2
Real GDP
Given info about a country's real GDP in different periods, plot them in a graph and answer an MC question. Difficulty: 2/3
3
Peaks and Troughs in GDP
Given time and GDP data, identify peaks and troughs Difficulty: 1/3
4
Calculation of Real GDP and
Inflation Rate
Use the given nominal GDP values and the implicit price deflators to calculate real GDP and the inflation rate. Difficulty:
1/3
5
Unemployment Rate
Given a table showing the number of individuals in each segment of a labor market the student must calculate the
unemployment rate as a percentage. Difficulty: 1/3
6
Unemployment
Given a table of data about employment and unemployment, calculate unemployment rate for 2 years and complete a
paragraph. Difficulty: 2/3
7
Inflation and Price Index
Given the composition of the movie market basket and prices for 2007 and 2008 in table form as well as the 2009 total the
student must calculate the 2009 price index and the inflation rates for 2007 to 2008 and 2008 to 2009. Difficulty: 1/3
8
Price Index
Given a table of basket costs for each baseball team, calculate the price index for selected teams Difficulty: 2/3
9
Implicit Price Deflator
Given data on the labor force: a) find the unemployment rate b) Answer a multiple choice question about whether the
economy is operating at its full employment level c) Suppose new data on the labor force, find the new unemployment rate.
d) Answer a multiple choice question about whether the economy has improved or not. Difficulty: 1/3
10
Who Benefits from
Inflation?+
Complete statements regarding the benefits or costs to lenders and borrowers during periods of unanticipated increases in
inflation. Difficulty: 1/3
1
Chapter 6 Terminology
Match terms to definitions
2
Economic Well Being and
GDP
Identify the correct connections between GDP and economic well being indicators Difficulty: 1/3
3
Recession and GDP Data+
Given an table of GDP figures the student must determine the beginning of the decline and find the fastest declining sector
for that quarter. Difficulty: 2/3
4
Real GDP Components+
Given a table showing GDP data the student must determine the percentages of GDP for each GDP component and identify
the largest component of GDP. Difficulty: 1/3
5
GDI
Given income data compute GDI Difficulty: 1/3
6
GDP
Given nominal data, compute GDP. Difficulty: 1/3
7
Final Value and Value Added
Given data for an economy, compare the Circular flow model and calculate final value and value added Difficulty: 2/3
8
Total Output
Calculating household production and total output. Difficulty: 1/3
9
Value Added
Find the value added at each stage of production. Difficulty: 1/3
Lab
7
Lab
8
Lab
9
10
Measuring Total Output
Calculate the foreign investment, net exports, GDP and GNP for a country. Difficulty: 1/3
1
Chapter 7 Terminology
Match terms to definitions
2
Labor Supply Shifts+
Given a table describing the labor supply and demand in a market the student must graph the curves determine the
equilibrium values and inflationary / recessionary gaps. Difficulty: 2/3
3
Effect of Aggregate Demand
Curve
Explain the effect of aggregate demand curve Difficulty: 1/3
4
Aggregate Demand and ShortRun Aggregate Supply
Given info about the Great Depression, shift the aggregate demand and short-run aggregate supply curves on a graph.
Difficulty: 2/3
5
Recessionary and Inflationary Given a graph with LRAS, SRAS and AD, determine whether there is recessionary or inflationary gap, the relation between
Gap
unemployment and natural level, and what policy should be applied to the economy. Difficulty: 1/3
6
Labor Supply Shifts
Given a table describing the labor supply and demand in a market the student must graph the curves determine the
equilibrium values and inflationary / recessionary gaps before and after a labor supply shift. Difficulty: 2/3
7
Export Multiplier
Given the figures for exports and extra benefits the student must determine the export multiplier. Difficulty: 1/3
8
Aggregate Demand
Given aggregate demand and short-run aggregate supply schedules, determine: - AD, SRAS, and LRAS curve - Short-run
equilibrium level of real GDP and price level - Economic situation (inflation, recession) - AD, SRAS, and LRAS curves
after an AD shift (overall increase) Difficulty: 2/3
9
Stabilization Policy+
Given a graph showing a change in AD when compared to LRAS and SRAS the student must determine the effects on
wages and employment and determine the effects of government action and inaction. Difficulty: 2/3
10
Short-Run Aggregate Supply+
Given aggregate demand and short-run aggregate supply schedules, determine: - AD, SRAS, and LRAS curve - Short-run
equilibrium level of real GDP and price level - Economic situation (inflation, recession) - AD, SRAS, and LRAS curves
after an SRAS shift (overall increase) Difficulty: 2/3
1
Chapter 8 Terminology
Match terms to definitions
2
Aggregate Production
The student must plot the aggregate production function from a table of given values, manipulate the production function
and determine real GDP values given employment figures. Difficulty: 1/3
3
Potential Output
Given real GDP, economic growth rate and population growth rate calculate potential output and plot the graph. Difficulty:
2/3
4
Doubling Time
Given two countries per capita growth rates, calculating the doubling time and the per capita real GDP in a particular year
Difficulty: 1/3
5
Population Growth
Given data for population and growth rate calculate population doubling time Difficulty: 1/3
6
Production Function and
Long-run Aggregate Supply
Curve
Given 3 graphs, graph A has the demand and supply curves, graph B has aggregate production function curve, and graph C
has the Long-run Aggregate Supply curve for an economy. Suppose there is a change in technology that increases the
economy's output, quantity of labour supply, and wages, show the effects of these changes on the 3 graphs. Difficulty: 1/3
7
Economics Growth
Using the 72 rule, calculate the GDP and GDP per capita, rate of growth of GDP per capita, and the doubling time of GDP
per capita. Difficulty: 1/3
8
Growth Capital Output
Given population growth rate, calculation rate per capital output Difficulty: 1/3
9
Living Standards
Given information about 2 countries. Illustrate these effects by shifting curves on graphs. Difficulty: 2/3
10
GDP
Given a country's growth rate of per capita real GDP in the 1980s and 1990s, calculate the percent increase in its per capita
real GDP under 2 conditions and per capita real GDP under 2 conditions. Difficulty: 2/3
1
Chapter 9 Terminology
Match terms to definitions
2
Money Supply
Stating how the Fed selling bonds will affect a) bank reserves and b) money supply c) Calculating the max change in
money supply. Difficulty: 1/3
3
Federal Government Bonds
Students are given a scenario that corresponds to the Fed buying government bonds from banks in the economy and must
determine the effect on the money supply. Difficulty: 1/3
4
Money Creation II
Students are given a scenario that corresponds to a bank that is affected by a withdrawal and must explain the effects this
has on bank reserves and checkable deposits. Difficulty: 1/3
5
Monetary Policy and Money
Supply+
Given a money market scenario the student must determine how the Fed would react and by how much. Difficulty: 1/3
6
M1 Growth+
Determine % changes in the components of M1 Difficulty: 1/3
7
Reserves
Given info about deposits, reserves, loans, and a reserve ratio, answer the following: a) is the company loaned up? b)
complete balance sheet c) after a withdrawal, show balance sheet d) by how much are its reserves now deficient? e) In
order to replenish its reserves, they reduce loans. This causes a multiplied contraction of checkable deposits. How large
would the contraction be? Difficulty: 2/3
8
Interest Rates
Students are given a scenario that corresponds to the Fed buying/selling government bonds from/to banks in the economy
and must determine the effect on interest rates. Difficulty: 1/3
9
Bartering
Given info about how much 1 item trades for another. a) Calculate how many of 1 item could you exchange for another?
Repeat with 2 other items. b) State the price of 1 item in terms of 3 various other items. c) Answer a MC question about
why we use money. Difficulty: 2/3
Lab
10
Lab
11
Lab
12
10
Government Bonds and the
Money Supply+
Given an amount of bonds traded by a central bank and a table of reserve requirements the student must determine the
deposit multipliers and the change in the money supply for each reserve requirement percentage and finally identify the
relationship between the money supply and the required reserve ratio. Difficulty: 2/3
1
Chapter 10 Terminology
Match terms to definitions
2
Inflationary Gap
Given information about a concern about the possibility of an inflationary gap and adopting a contractionary monetary
policy, complete four graphs showing the policy and its expected results. Difficulty: 2/3
3
Bond
Given the face value and selling price of a bond, calculate the rate of interest asscociated with that bond. Difficulty: 2/3
4
Money Demanded
Given how much you earn per month and how much you spend each day. Compute average quantity of money demanded
if: a) Deposit it all into checking account at beginning of month. b) Deposit 1/3rd of it into checking every 10 days. c)
Deposit 1/6th of it into checking every 5 days. Difficulty: 1/3
5
Money Market
Given how much money is demanded at various interest rates and how much money is supplied per day: a) Graph the info.
b) Find the equilibrium rate. c) Suppose demand decreases. Graph the new info. d) Find the new equilibrium rate.
Difficulty: 2/3
6
Exchange Rates
Determine dollar value of various products in different currencies. Difficulty: 1/3
7
Bond Market
Given a change in the bond market, show and explain the effects on the bond and foreign exchange markets. Also the
effects on investment, net exports, real GDP, and price level. Difficulty: 2/3
8
Demand and Supply in the
Money Market
The U.S. economy faced a recessionary gap in 2008 and that the Fed responded with an expansionary monetary policy.
Present the results of the Fed's action in a four-panel graph. a) Show the initial situation, using the model of aggregate
demand and aggregate supply. b) Show how the Fed's policy affects the bond market and bond prices. c) Show how the
market for U.S. dollars and the exchange rate will be affected. d) Show how the Fed's policy will affect real GDP and the
price level in the short run. Difficulty: 2/3
1
Chapter 11 Terminology
Match terms to definitions
2
Equation of Exchange
Given examples of countries' money supply growth in the long run and an annual inflation rate equal to that, complete a
table showing the equation of exchange. Difficulty: 1/3
3
Inflation
Given that velocity of money is constant and potential output grows by a certain % per year, calculate the inflation rate for
3 different money supply growth rates. Difficulty: 2/3
4
Velocity and Fraction
Given a table showing M2 and nominal GDP for several years the student must determine the velocity of money and
fraction of GDP held as money for each year and calculate the variation in velocity. Difficulty: 2/3
5
Velocity of Money, Variation, The student must calculate the money velocity for two different money supplies given a nominal GDP level for 5 years and
and Money Targets
afterwards determine the more desirable money supply. Difficulty: 2/3
6
Monetary policy
Given a graph with LRAS, SRAS and AD, determine whether there is a recessionary gap or an inflationary gap, what type
of monetary policy would be used, what type of open market operation would be conducted by the Fed, how bond prices,
interest rates, and exchange rate would change, how investment and net export would change, and how the aggregate
demand curve would shift. Difficulty: 1/3
7
Inflation Change to Inflation
Targets+
Given that velocity of money is constant and potential output grows by a certain % per year, calculate what percentage
should the money supply grow in order to achieve 3 separate inflation rate targets, and decide either to pursue a
contractionary or expansionary policy Difficulty: 2/3
8
Monetary Changes+
Given changes in monetary values, determine the nominal GDP from the equation of exchange, (%? M + %? V ? %? P +
9
Lag Scenarios
Students are given several different scenarios and need to determine the type of lags involved. Difficulty: 1/3
10
Money Demand
Students are given a scenario that corresponds to the Civil War and answer questions about demand for money. Difficulty:
1/3
1
Chapter 12 Terminology
Match terms to definitions
2
Aggregate Demand Line
Shifting Analysis
Given a government's new policy, specify how that would affect AD Difficulty: 1/3
3
Calulate Debt-GDP Ratio
Calculate debt GDP and its ratio Difficulty: 1/3
4
Aggregate Demand Line
Shifting
Given a government's new policy, specify how that would affect AD Difficulty: 2/3
5
Debt
Given a table showing national debt and lending rate: a) Plot the curve on a graph. b) Answer a MC question regarding
crowding out. Difficulty: 2/3
6
Fiscal Policy
Suppose the economy faces either an inflationary or recessionary gap. a) Answer a MC question about what fiscal policy
will be used. b) Shift AD on a graph. Difficulty: 2/3
7
Budget Surplus and Deficit
Determine what happens to the national debt when there is either budget surplus or deficit, and when either there is a
decrease in a surplus or there is a fall in a deficit. Difficulty: 1/3
8
Issues in Fiscal Policy
Decide whether a hypothetical situations tend to enhance or make more difficult to of fiscal policy. Difficulty: 1/3
9
Fiscal Policy
Suppose the economy faces either an inflationary or recessionary gap. a) Answer a MC question about what fiscal policy
will be used. b) Shift AD on a graph. Difficulty: 2/3
%? Y, %? M + %? V ? %NGDP), price level changes, and draw conclusions. Difficulty: 3/3
Lab
13
Lab
14
Lab
15
1
Chapter 13 Terminology
Match terms to definitions
2
Tax Change
Given a change in tax, calculating the change in consumption and saving. Difficulty: 1/3
3
Consumption
Given 3 events, shift the curve on the graphs according to the event. Difficulty: 2/3
4
Comparing Economies
Given the marginal propensity to consume and a change in aggregate expenditure, determine the multiplier, and the shift in
the aggregate demand curve Difficulty: 1/3
5
Consumption
Given equations for consumption functions for economies in which planned investment is autonomous and is the only other
component of GDP, compute marginal propensity to consume and the multiplier for each economy. Difficulty: 2/3
6
Investment
Given a graph showing the 45-degree line, Aggregate expenditure curve, and Consumption curve. a) How much is planned
investment? b) Is planned investment autonomous or induced? c) How much is autonomous aggregate expenditures? d)
What is the value of equilibrium real GDP? e) If real GDP were X, how much would unplanned investment be? f) If real
GDP were Y, how much would unplanned investment be? g) Write the equation of AE h) What is the multiplier?
Difficulty: 2/3
7
Consumption and Saving
Functions
Given a consumption function the student must complete a table of values, plot the results on a graph and determine the
marginal propensity to consume and save. Difficulty: 2/3
8
Aggregate Expenditures and
Price Level
Given AE curve information, determine the equilibrium level of income, predict what will firms do in the future, determine
the equilibrium level of income after an increase in price level, and draw the resultant aggregate demand graph. Difficulty:
2/3
9
Aggregate Demand and GDP
Given a few events, asking how they would affect the movement of AE and GDP Difficulty: 1/3
10
Aggregate Expenditures
Given AE curve information, determine the equilibrium level of income and predict what will firms do in the future.
Difficulty: 2/3
1
Chapter 14 Terminology
Match terms to definitions
2
Investment Table
Students are given a table that corresponds to various investments, and must complete the missing entries in the table using
the given information. Difficulty: 1/3
3
GPDI and NPDI
Given the values of Change in business inventories, Residential construction, Producers' durable equipment, Nonresidential
structures, Depreciation, calculate GPDI and NPDI. Difficulty: 1/3
4
Investment
Showing how a change in investment will affect the aggregate demand and short-run aggregate supply. Difficulty: 1/3
5
Investment Projects
Given a table of projects with their returns on projects and costs, for a number of market interest rates: identify which
projects will be undertaken and the total amount of investment spending that will ensue. Graph the investment demand
curve. Difficulty: 2/3
6
Investment Returns
Students are given a scenario that corresponds to a company deciding whether to make an investment or not, and must
determine various rates of return to decide if it is profitable. Difficulty: 1/3
7
Loan Interest
Students are given a scenario that corresponds to a company trying to decide to buy a new product or not. Students are
given a savings amount and must determine the maximum interest rate that would make a loan profitable. Difficulty: 1/3
8
Investment Demand Curve
Determine how the investment demand curve would be affected. Difficulty: 1/3
9
Investment and the Economy
Show how investment can influence the LRAS and the price level Difficulty: 1/3
10
Depreciation of Capital
Students are given a scenario that corresponds to a company that wants to increase its capital stock and must determine the
effects of depreciation on current assets. Difficulty: 1/3
1
Chapter 15 Terminology
Match terms to definitions
2
Foreign Buyer Effects
Suppose foreigners begin buying more assets in the U.S. Show graphically how this will affect the US' exchange rate, price
level, and level of real GDP in the short run and long run. Difficulty: 2/3
3
Export Account
Given exports and purchase, calculate import and accounts. Difficulty : 1/3
4
Purchase Effects
Suppose U.S. investors begin purchasing assets in Mexico. Show graphically how this will affect the US' exchange rate,
price level, and level of real GDP in the short run and long run. Difficulty: 2/3
5
Account Balance
Students are given several scenarios for accounts, and must balance these accounts and solve for unknown data. Difficulty :
1/3
6
Aggregate Demand Line
Shifing
Determining whether AD would shift right or left under specific scenario Difficulty : 1/3
7
Missing Item
Fill missing item for the following formula: Export - imports = -[(Rest-of-world purchases of domestic assets) - (Domestic
purchases of rest-of-world)] Difficulty : 1/3
8
Graphs
Draw graphs showing the aggregate demand and short-run aggregate supply curves in each of four countries. Assume that
each country is initially in equilibrium with a real GDP of Y1 and a price level of P1. Now show how following events
affect aggregate demand, the price level, and real GDP. Difficulty : 2/3
9
Trade Weighted Exchange
Rate
Given trade weighted exchange rate, plot the graph Difficulty : 1/3
10
Exchange Rate System
Given the graph shows the foreign exchange market between the United States and Japan before and after an increase in the
demand for Japanese goods by U.S. consumers., figure out the exchange rates before and after the change in demand for
Japanese goods, and how many dollars the Japanese central bank would have to buy to keep the exchange rate fixed at its
initial value. Difficulty : 1/3
Lab
16
Lab
17
Lab
18
Lab
19
11
Restriction Effects
Suppose Japan relaxes its restrictions on imports from the US. Show graphically how this will affect the US' exchange rate,
price level, and level of real GDP in the short run and long run. Difficulty: 2/3
1
Chapter 16 Terminology
Match terms to definitions
2
Model of Job Search
Based on a scenario, students figure out how the rate of unemployment is affected by information costs and by the
existence of unemployment compensation. Difficulty: 2/3
3
Three Phases
Given map of the grid, draw AD, LRAS and SRAS' movements Difficulty: 1/3
4
Inflation Rate and
Unemployment Rate
Given a table of IR and UR, plot the grid. Difficulty: 1/3
5
Inflation-Unemployment
Cycle
Given a table of inflation and unemployment figures over a number of years the student must plot the inflationunemployment curve and determine whether or not the inflation-unemployment cycle is occurring and why. Difficulty: 1/3
6
Inflation-Unemployment
Curve
Given a table of inflation and unemployment figures over a series of periods the student must plot the inflationunemployment curve and determine the beginning and end of each of the inflation-unemployment cycle phases. Difficulty:
1/3
7
Aggregate Demand-Supply
Model Changes
Given a graph of inflation and unemployment figures over a series of periods the student must determine the aggregate
demand-supply model changes over the course of the cycle. Difficulty: 1/3
1
Chapter 17 Terminology
Match terms to definitions
2
AD/AS Shifting
Deciding how an event/policy will affect the aggregate demand curve or short-run aggregate supply curve. Difficulty: 1/3
3
Gap
Showing how to close a recessionary or inflationary gap via nonintervention and stabilization policy. Difficulty: 1/3
4
Monetary Policy
Base on a scenario, students figure out how that monetary policy will affect the aggregate demand and the short-run and
long-run aggregate supply curves, and real GDP. Difficulty : 2/3
5
AS/AD Shifting
Deciding if an event is the result of a shift in the short-run aggregate supply or aggregate demand and direction of the shift
Difficulty: 2/3
6
Rational Expectations
Show the effect of an expansionary monetary policy on real GDP according to new Keynesian economics and according to
the rational expectations hypothesis. In both cases, consider both the short-run and the long-run effects. Difficulty: 2/3
1
Terminology Chapter 18
Match terms with descriptions Difficulty: 1/3
2
Lorenz Curve II
Given Lorenz curves showing distribution of income before and after taxes and welfare benefits, fill in the blanks in a
given statement. Difficulty: 1/3
3
Economics of Poverty
Given annual income of a family, size of the family, poverty line and income distribution for year 2005 and 2006, figure
out is the family is poor. Difficulty: 1/3
4
Poverty Line
Given annual data for median household income in the United States for the period 1994 - 2004 and the data also give the
percentage of the households that fall below 60 percent of the median household income, students plot the data graphically,
and figure out the definition of poverty. Difficulty: 1/3
5
Inequality
According to different scenario,figure out how this affects labor market. Difficulty: 1/3
6
Income and Wealth
Given a table of income and wealth per quintile the user must construct the Lorenz curves for income and wealth.
Difficulty: 2/3
7
Lorenz Curve III
Students must plot a series of Lorenz curves based off an income distribution table a) Given a table, plot the Lorenz curve
for the countries. b) Which nation has the most equal distribution of income? c) Which country has the least equal
distribution of income? Difficulty: 2/3
8
Lorenz Curve I
Given Lorenz curves showing distribution of income before and after taxes and welfare benefits, fill in the blanks in a
given statement. Difficulty: 1/3
9
Lorenz Curve (Random)
Randomly selects between: Lorenz Curve I and Lorenz Curve II Given Lorenz curves showing distribution of income
before and after taxes and welfare benefits, fill in the blanks in a given statement. Difficulty: 1/3
1
Chapter 19 Terminology
Match terms to definitions
2
Economic Development
Plot the Lorenz curve of Cote d'lvoire and Guinea, contrasting the concepts of economic develop and economic growth
Difficulty: 1/3
3
Economic Growth
Comparison
Given high and low per capita income economies with the high income having a lower rate of growth and the lower having
a higher rate of growth the student must determine the number of years to double the per capita income using the rule of 72.
Afterwards the number of years for the low income economy to match the original income of the high income economy
and then to 'catch up' have to be calculated. Difficulty: 1/3
4
Per Capita GDP Change
Given the rates of GDP and population change for an economy the student must determine the per capita rate of GDP
change. Difficulty: 1/3
5
Malthusian Trap
Given info and a graph about the Malthusian Trap two main reasons why the Malthusian trap did not occur, students must
complete a paragraph. Difficulty: 1/3
Lab
20
1
Terminology Chapter 20
2
Predictions
Complete a paragraph talking about Karl Marx's predictions. Difficulty: 1/3
Obstacles
Answer a question about the obstacles former socialist economists typically face when changing to a market oriented
economy. Difficulty: 1/3
3
Lab
21
Lab
22
Match terms with descriptions Difficulty: 1/3
4
Socialism
With respect to Yugoslavian socialism, check all that apply. Difficulty: 1/3
5
Resources
Complete a paragraph talking about Soviet Union natural resources. Difficulty: 1/3
6
Soviet Union
Answer a MC question about the Soviet Union. Difficulty: 1/3
7
Return To Labor
Complete a paragraph with entries talking about return to labor and surplus value. Difficulty: 1/3
8
Communist Manifesto
Answer a MC question about the Communist Manifesto. Difficulty: 1/3
9
Solidarity
Complete a paragraph with DropDowns talking about Solidarity, the labor union. Difficulty: 1/3
10
Solidarity
Answer a MC question about the first independent labor union permitted in the former Soviet bloc. Difficulty: 1/3
1
Draw Points
Drawing points(inflation rate) Difficulty: 1/3
2
Positive or Negative
Relationship
Decide whether each proposition below demonstrates a positive or negative relationship Difficulty: 1/3
3
Draw Points and Calculate
Slope
Drawing points, calculate slope and decide +/- relationship Difficulty: 1/3
4
Draw Points
Drawing points, lines and calculating intercepts and slopes Difficulty: 1/3
5
Shifting Line
Shifting either a line or a point along a line Difficulty: 1/3
6
Curves
Plot data to create curves and decide the working efficiency. Difficulty: 1/3
7
Analysis of a Curve
Difficulty: 1/3
8
Non-linear relationship Curve
Decide if a curve is positive or negative and if the curve has a linear or non-linear relationship Difficulty: 1/3
9
Calculating slope and Finding
Intersections
Calculating slope and intersections based on given graph Difficulty: 1/3
1
Equations
Give equations characterizing an economy, the student must use the equations in order to find the equilibrium level of
income and the multiplier. Difficulty: 2/3
2
Aggregate Expenditure Model
Given Consumption function, draw AE and analysis Aggregate expenditure model Difficulty: 1/3
Equations II
Given equations characterizing an economy, the student must use the equations in order to find the equilibrium level of real
GDP and the multiplier. Difficulty: 2/3
3