1. Describe the major economic ideas of at least two of the schools of economic thought that were described in class. Be sure to include:
a. a general description of the school
b. at least one major economist belonging to that school
c. at least two specific ideas that belong to that school
d. your informed view or analysis of the school’s beliefs
2. List and describe 5 different kinds of trade restrictions that a country can use.
3. What is the balance of payments? Explain the three categories of the balance of payments.
4. Explain the impact which fluctuations in exchange rates can have on the balance of trade. Be specific in your answer.
5. Explain 2 of the 3 historical types of international exchange rate systems.
Section 2: Reflective Essay
A reflective essay question (maximum of 1 page in length) will conclude the exam. You may complete this part of the exam ahead of the exam or complete it in class along with the rest of the exam. If you choose to complete this ahead of the exam, your answer must be typed using double-spaced, 12 point Times New Roman font and turned in along with your exam. The reflective essay will be worth 10 points.
? Reflect on what you have learned this semester. What is the most significant topic that you learned in terms of macroeconomics? Why?