ECON 4000  

1.       The population of the U.S. is about _________________________________.
2.       Wallace Peterson is at the University of ____________________________.
3.       Simon Kuznets is known for work on ______________________________.

 Answer four (4) of the following six (6) questions:

 1.       What should GDP measure?  What are the issues about how to measure GDP at
a point in time?  What are the decisions and how are the typically addressed?  Be sure
to cover the limitations of your answers.

 2.       What is the classical theory of employment?  What is Keynesian employment
  theory?

 3.       What determines wages (both nominal and real) in the classical model?
  Illustrate and use the best tools possible to explain.

 4.       What are the policy implication of the classical theory?  Explain, illustrate as
 appropriate.

 5.       What does the IS-LM model contribute to our understanding of the 
macroeconomics economy?

 6.       What is the role of money in a Keynesian model?  How did Keynes present
his theory of the interest rate?