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ECO 372 Final Exam Study Guide | Full Course Summary + Cheat Sheet + 30 Practice Questions (PDF)

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Course Eco 372
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This is the complete ECO 372 – Principles of Macroeconomics Final Exam Study Guide, designed for fast studying, clean understanding, and high exam performance. Perfect for students who want everything in one place without reading long chapters or confusing textbook explanations. This download includes: Full‑Course Cheat Sheet (Units 1–6) Macroeconomic Formulas + Definitions Aggregate Demand & Supply Breakdown Fiscal vs Monetary Policy Explained Simply Growth, Productivity, and Trade Concepts 30‑Question Final Exam Practice Test (with answers) Clean, organized, easy‑to‑read layout Topics Covered: GDP, CPI, inflation, unemployment Business cycles & economic indicators Aggregate demand & aggregate supply Fiscal policy (taxes, spending, multipliers) Monetary policy (Federal Reserve tools) Economic growth & productivity International trade, exchange rates, and balance of payments This guide is perfect for: ECO 372 students Business & economics majors Anyone preparing for midterms or final exams Students who want a simplified, aesthetic summary instead of long notes Format: PDF (clean, aesthetic, and easy to read) Course: ECO 372 – Principles of Macroeconomics Institution: University of Phoenix Level: College – Sophomore (Year 2) Everything is organized to help you understand the material quickly and confidently. Ideal for last‑minute studying or full‑course review.

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🌿 SECTION 1 —
✨ Macroeconomic Indicators
GDP Formula
Code
GDP = C + I + G + (X – M)


●​ C: consumer spending
●​ I: investment
●​ G: government spending
●​ X–M: net exports

Real GDP = adjusted for inflation

Nominal GDP = current prices


✨ Unemployment Types
●​ Frictional — between jobs
●​ Structural — skills mismatch
●​ Cyclical — recession‑based
●​ Seasonal — predictable patterns


✨ Inflation
CPI Formula:

Code
(CPI₂ – CPI₁) / CPI₁

Demand‑pull inflation: too much spending

Cost‑push inflation: rising production costs


✨ Business Cycle

, Code
Expansion → Peak → Contraction → Trough



✨ Aggregate Demand (AD)
Downward sloping because of:

●​ wealth effect
●​ interest rate effect
●​ exchange rate effect


✨ Aggregate Supply (AS)
●​ SRAS: upward sloping
●​ LRAS: vertical at full employment

Stagflation = SRAS shifts left


✨ Fiscal Policy
Expansionary: ↑ spending, ↓ taxes

Contractionary: ↓ spending, ↑ taxes

Multiplier:

Code
1 / (1 – MPC)



✨ Monetary Policy
Tools of the Fed:

●​ open market operations
●​ discount rate
●​ reserve requirement

Buy bonds → MS ↑ → interest rates ↓

Sell bonds → MS ↓ → interest rates ↑

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