THE UNIVERSITY OF MANITOBA 
ECON 2470 - Macroeconomic Theory and Its Applications 1
Final Examination Guide and Notes 2024 
 
Part A: Revision Notes 
Part B: Sample Final Examination Paper 
Part C: Suggested Solutions to Final Exam Paper 
Part D: Final Examination - Hints and Tips 
 
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University of Manitoba

ECON 2470: Macroeconomic Theory and Its Applications 1 (Solutions)

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ACADEMIC YEAR 2023 - 2024

University	University of Manitoba
Study Level	Undergraduate
Course Code	ECON 2470
Course Name	Macroeconomic Theory and Its Applications 1
Notes Title	Final Examination Guide and Notes
Page Length	73

This concise Final Examination Guide and Notes for ECON 2470 - Macroeconomic Theory and Its Applications 1 at the University of Manitoba cover essential steps to understand the relevant theories in the course. The illustrations and worked examples demonstrate essential workings to apply those theories. Once you have completed your course materials, you can take a sample exam with solutions and explanations provided, specifically created to simulate the real test-taking experience. With this guide, you can aim for the best grade, supported by relevant and accessible notes, examiner advice, and questions and answers on each key examinable topic.

Delving into the world of macroeconomic challenges faced by developed economies, ECON 2470: Macroeconomic Theory and Its Applications equips students to critically analyze and apply economic theory. Through this course, you'll gain a strong foundation in measuring economic activity, explore competing theories behind business cycles, and evaluate the effectiveness of policy instruments in navigating economic fluctuations. From national income accounts to the IS-LM model and its open economy variations, the course equips you to understand how economies function and the tools policymakers use to influence them.

✔ Upon finishing the course, you should be able to:

Explain the principles of macroeconomics and its role in policymaking.
Apply various methods to measure economic activity, including national income and output.
Analyze the interactions between production, consumption, and investment in the goods market.
Understand the role of financial markets in the economy and their impact on interest rates.
Utilize the IS-LM model to explain the relationship between investment, saving, interest rates, and money supply.
Evaluate the effects of international trade and financial openness on national economies.
Analyze the impact of global factors on the goods market, output, interest rates, and exchange rates.
Explain the concept of business cycles and identify the key factors causing economic fluctuations.
Apply the IS-LM/AS model to understand the combined effects of monetary and fiscal policy.
Evaluate the strengths and limitations of classical and Keynesian approaches to business cycle analysis.
Analyze the relationship between inflation and unemployment, and the policy trade-offs involved.
Explain the role of the Bank of Canada in conducting monetary policy and its impact on the economy.
Demonstrate a comprehensive understanding of macroeconomic concepts through a final exam.

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ACC 1100	Introductory Financial Accounting
ACC 2010	Intermediate Accounting – Assets
ACC 2020	Intermediate Accounting – Equities
ACC 3040	Cost Accounting
ACC 4030	Accounting Theory
ECON 1010	Introduction to Microeconomic Principles
ECON 1020	Introduction to Macroeconomic Principles
ECON 2010	Microeconomic Theory 1
ECON 2040	Quantitative Methods in Economics
ECON 3040	Introduction to Econometrics
ECON 4490	Macroeconometrics for Policy Analysis
FIN 2200	Corporate Finance
FIN 3410	Investments
FIN 3460	Financial Markets and Institutions
FIN 3480	Corporate Finance Theory and Practice
FIN 4270	Options and Futures
GMGT 2070	Organizational Behaviour
LAW1102	Contracts
MKT 2210	Fundamentals of Marketing
STAT 1000	Basic Statistical Analysis 1
STAT 3490	Time Series Analysis

ECON 2470: Macroeconomic Theory and Its Applications 1 (Solutions)

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