Tuesday, May 13, 2008

What You MUST KNOW for the Mid-Year Exams (if you don't already know them…)

Topic 1 (NIA)

:SOL

- Definition of SOL: Qualitative & Quantitative Aspects

- Measurement of SOL: Qualitative - using Real GDP/GNP per capita (Explain how & why); Quantitative - using indicators such as literacy rate, life expectancy, pollution index, crime rate etc (Explain how & why)

- Limitations of using NY statistics (e.g. Real GDP/GNP per capita) to measure SOL: Measurement & Conceptual Problems - distinguish comparison 'over time' and 'over space' - explain using examples

Topic 2 (NID):

:Factors affecting components of AD/AE

- Consumption: Income, Wealth, Tax rates, Expectation of higher future income (optimism/pessimism), Expectation of higher future prices, Interest rate etc (Apply & Explain + Evaluate relative importance of factor)

- Investment: Interest rate & MEC (affected by business optimism/pessimism (i.e. Keyne's 'animal spirits'), political stability, infrastructure, quality of workforce, cost of production, tax rates & incentives, etc) (Apply & Explain + Evaluate relative importance of factor)

- Government Expenditure (Topic 8): Expansionary or Contractionary Fiscal Policy (To resolve macroeconomic problems, e.g. recession, cyclical unemployment, dd-pull inflation, BOP diseqm) or Supply-side FP (to develop infrastructure or subsidise R&D or labour upgrading & retraining etc)

- Net Exports (Topic 6: BOP): Competitiveness of Exports (affected by price of exports - in turn affected by Inflation rates, COP, ER,etc; and non-price factors (e.g. changing consumer tastes, better marketing/quality of goods); and Level of Imports (affected by protectionist measures such as tariffs, rising NY in domestic economy etc)

:Multiplier

- Explain the multiplier process (see answer given for the policy essay presentations): How does a rise in AD/AE lead to a multiple change in NY?

- What affects the size of the multiplier (Tut 2 Essay 1)

:Circular flow of income

- How do injections and withdrawals affect the circular flow of income in a 4-sector economy?

- Use of the Circular Flow diagram (and Y=AE diagram) to explain how changes in AD/AE affect NY

Topic 6 (BOP)

:Components of BOP

- Current Account (BOT, Invisibles, Unilateral Transfers) & Capital Account (ST vs. LT K flows): See Tut 7 DRQ

:Causes of BOP deficit

- As above under Net Exports and consider other factors affecting Capital Account (both LT & ST K flows - e.g. FDI, interest rate differentials etc).

:Consequences of (Large & Persistent) BOP deficit

- As in your lecture notes (Explain & evaluate)

Topic 7

:Macroeconomic Objectives

- Benefits (link to consequences of Macroeconomic Problems)

- Conflicts between macroeconomic objectives (e.g. Consider what other macroeconomic problems can arise in the pursuit of a particular macroeconomic goal - See Tut 5 Essay 1, Tut 6 Essay 1b, Tut 7 Essay 1

Topic 8-10

(also Topic 3 to 5 - Causes of Macroecon

Problems)

:Policies to solve macroeconomic problems (Topic 10 (II): Summary)

- Need to be familiar with the causes of the macroeconomic problems (i.e. demand pull inflation, cost-push inflation, cyclical unemployment, structural unemployment, slow & stagnant actual & potential growth, BOP deficit)

- Identify, explain & evaluate appropriate policies to solve specific macroeconomic problems - Consider effectiveness of policies in the context of various economies, e.g. Singapore.

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