Final Exam: Macro

Please answer all of the following FOUR (4) essay questions; each is worth 25 points, and this is your final exam.

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The theory of efficiency wages is defined as wages that are higher than the market equilibrium. Firms that pay efficiency wages could lower their wages and hire more workers but choose not to do so. Some reasons managers might choose to pay efficiency wages are avoiding shirking, reducing turnover, and attracting productive employees. See the links below. This theory is directly related to worker productivity. Give your opinion on the merits of paying “above minimum wage to workers” and the benefits a firm could accrue by doing so. You may cite examples and also consider how this theory could impact your role as a manager in the future. What are the pros and cons a firm must consider before paying workers a higher than market wage rate? Please make sure to cite all of your references.







2. The three goals of Macro include; Full employment, price stability, and economic growth. All three goals are essential to the health of the overall macroeconomy. We discussed many other “institutional” factors that were also very important to an economy’s general growth conditions. These might include: education, democracy, property rights, international trade, etc.; many other items directly affect the growth conditions of an economy; please cite at least TWO others that were not covered in Chapter 25 and explain how they can either help OR hurt an economy. You can explain why some conditions present in a nation can make the environment for growth much more difficult. Please make sure to cite all references. You can also think of items that would positively OR negatively affect aggregate demand and aggregate supply as well; please explain your rationale.


3. In the very competitive world of landing a job upon completing your degree, separating yourself with your education, work experience, life experience, and a large stock of human capital, etc., is imperative to beating out the competition in the labor market. From your perspective, explain some ways that one can go about doing this in today’s world. What are some items you have invested in that make you a better employee? What things would you recommend to someone in high school they should focus on to become more marketable? How do you intend on separating yourself from others competing for the same job you desire?


4. Based on the items discussed in Chapters 33 & 34 and how fiscal/monetary policy can adversely or positively affect aggregate demand and aggregate supply laws. The rationale is that public policy, as set forth by either the President or Congress, or the Federal Reserve can have immediate and lasting impacts on the overall health of the U.S. economy through the aggregate demand and aggregate supply curves. For instance, a tax-cut proposal could essentially put more discretionary income into consumers’ hands and increase spending levels, thus shifting out the aggregate demand curve and expanding growth.


You do not need to draw a graph but do need to pick one policy platform and explain how it could affect total output, prices, etc.; this should be somewhat doable considering our current state of governmental affairs.

Of course, many of these have not been confirmed as laws, but their sheer proposals have an impact on the overall economy in many areas. It is easier if you pick one particular public policy and explain its impact on the aggregate demand or aggregate supply curves (AD/AS). You can either explain verbally or use a graph; it is up to you.

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