4F Economics Annual Exam

• Study all past exams, powerpoints and handouts, EXACT SAME STYLE AND FORMAT as last 2 exams, ALL MULTIPLE CHOICE

• GO IN TO YOUR 6TH PERIOD IMMEDIATELY AND GET STARTED, THE EXAM IS LONG, IT IS GRADED ON A CURVE, do not take 10 minutes to get started

• BE READY TO START THE EXAM AT 1250PM!

Examples of topics

• Inflation, unemployment, interest rates, imports and exports, trade deficit and trade surplus, budget deficit, currencies, financial intermediation, meltdown video, foreign aid, Pink Tide, Fixed vs. Variable costs, real GDP, business cycle…..

Updated information - VEN

• Venezuela´s inflation now around 55%

• Black market rate - approximately 40 to 60 Bolivares for one dollar, it has gone up since we started talking about Venezuela

VEN - el raspao," or "the scrape."

• Venezuelans are flying to places like Miami or even Lima, and getting cash advances on their credit cards and bringing back all the dollars that they can and then selling them at the black market rate and then spending the Bolivares locally

Consumer Debt and Personal Bankruptcy

• Many consumers are tempted to overspend with their credit cards. This can be a problem if your credit card bills are more than you can pay

• Some people need counseling about improving their finances

• File for personal bankruptcy and have all your debts from credit card companies or banks forgiven, if it is approved by the court, it is a judicial process