Can you assist with a sample of a macroeconomics exam past paper with answers?

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Sample Macroeconomics Exam Past Paper

Question 1:

Define aggregate demand and explain its main components.

Question 2:

Use the Phillips curve to illustrate the relationship between inflation and unemployment. Explain the factors that could shift the Phillips curve.

Question 3:

Calculate the GDP deflator using the following data:

| Year | Nominal GDP | Real GDP |
|---|---|---|
| 2020 | $100 billion | $80 billion |
| 2021 | $120 billion | $90 billion |

Question 4:

Explain the concept of monetary policy and discuss the tools that central banks can use to influence macroeconomic outcomes.

Question 5:

Discuss the macroeconomic effects of a fiscal stimulus package. Consider both the short-term and long-term consequences.

Question 6:

Analyze the following economic data:

| Year | GDP Growth | Unemployment Rate | Inflation Rate |
|---|---|---|---|
| 2022 | 4% | 6% | 3% |
| 2023 | 2% | 7% | 5% |

Answer Key

Answer 1:

- Aggregate demand: Total spending on goods and services in an economy.
- Main components: Consumption, investment, government spending, net exports.

Answer 2:

- The Phillips curve shows an inverse relationship between inflation and unemployment.
- Shifts in the Phillips curve are caused by changes in factors such as technological progress, globalization, and government policies.

Answer 3:

GDP deflator = (Nominal GDP / Real GDP) - 100
= (100 billion / 80 billion) - 100
= 125

Answer 4:

- Monetary policy: Central bank's actions to influence the money supply.
- Tools: Open market operations, reserve requirements, discount rate.

Answer 5:

- Short-term effects: Increase in aggregate demand, growth, and inflation.
- Long-term effects: Can crowd out private investment, lead to unsustainable deficits.

Answer 6:

- The economy is experiencing a slowdown in GDP growth in 2023.
- Unemployment is rising, and inflation is accelerating.
- The data suggest potential macroeconomic challenges, such as stagflation.