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NATIONAL OPEN UNIVERSITY OF NIGERIA
UNIVERSITY VILLAGE, PLOT 91, CASDASTRAL ZONE, NNAMDI AZIKIWE EXPRESS WAY, JABI, ABUJA.
FACULTY OF ARTS AND SOCIAL SCIENCES
JANUARY/FEBRUARY 2018 EXAMINATION
COURSE TITLE: ECONOMIC THEORY
COURSE CODE: ECO 802
UNITS: 2
TIME ALLOWED: 2 HOURS
INSTRUCTION: ANSWER QUESTION 1 AND ANY OTHER TWO QUESTIONS
- Examine the advantages and disadvantages of aggregation in macroeconomics
Advantages 9 Marks
Disadvantages 14 Marks
- (a) Define a macroeconomic model 5 Marks
(b) Explain the following models in detail Simple theoretical model 6 Marks
Empirical forecasting models 6 Marks
Dynamic stochastic general equilibrium model 6 Marks
- (a) Examine the major goals of Monetary policy 11 Marks
(b) Identify and briefly explain the monetary policy instruments 12 Marks
4. (a) Examine a general equilibrium situation using the IS-LM curves 12 Marks
(b) Explain liquidity trap illustrating with graph and effect of monetary policy 11 Marks
5. What are the major macroeconomic objectives of Nigeria? 23 Marks
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