GDP - 2024 ACF Fall - Buzzpoints App

Question

Some US policymakers have questioned the Taylor rule’s prescriptive ability because one of its inputs is the gap between a “real” value for this quantity and “potential output,” a target value for this quantity. For 10 points each:

[10e] Name this quantity. This quantity is the total value of final goods and services produced within the borders of a country over a given period.

ANSWER: GDP [or Gross Domestic Product; reject “GNP” or “Gross National Product”; reject “GNI” or “Gross National Income”]

[10h] The Taylor rule is a numerical formula that can be used to guide the setting of this quantity by the Federal Open Market Committee. This quantity is the interest rate commercial banks charge each other for overnight loans.

ANSWER: federal funds rate [or fed funds rate]

[10m] Short-term fluctuations due to these periodic phases are typically mitigated in potential GDP estimates. Hodrick and Prescott developed a smoothing spline to remove fluctuations due to these periodic phases from time series data.

ANSWER: business cycles [or cyclical fluctuations]

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Summary


2024 ACF Fall at Cornell	fall	Y	9	15.56	100%	22%	33%
2024 ACF Fall at Ohio State	fall	Y	8	16.25	100%	25%	38%
2024 ACF Fall at Washington	fall	Y	6	18.33	100%	50%	33%
2024 ACF Fall at Georgia	fall	Y	12	15.83	100%	50%	8%
2024 ACF Fall at North Carolina	fall	Y	9	14.44	100%	44%	0%
2024 ACF Fall at Claremont Colleges	fall	Y	5	20.00	100%	40%	60%
2024 ACF Fall at Rutgers	fall	Y	9	13.33	100%	11%	22%
2024 ACF Fall at Illinois	fall	Y	9	20.00	100%	67%	33%

Data


Binghamton A	Syracuse	10	10	10	30
U of Rochester A	Cornell B	10	0	0	10
Cornell D	Cornell E	10	10	0	20
Cornell G	U of Rochester B	10	0	0	10
ESF	Cornell A	10	0	0	10
Penn State	Cornell F	10	0	0	10
Binghamton B	RIT A	10	10	0	20
Cornell C	RIT B	10	0	10	20
West Virginia A (UG)	CWRU A (UG)	10	0	0	10
Miami A (UG)	CWRU B (DII)	10	0	0	10
Jefferson County Scholars (DII)	Michigan C	10	10	10	30
Michigan B (UG)	Michigan A (UG)	10	0	10	20
Michigan State A	Michigan State B	10	0	0	10
Ohio State A (UG)	CWRU C (UG)	10	10	0	20
Ohio State B (DII)	Miami B (UG)	10	10	0	20
West Virginia B (UG)	Michigan D (UG)	10	0	0	10
UW Gluttony	Alberta	10	0	0	10
Arizona State A	UW Lust	10	0	0	10
UW Envy	Arizona State B	10	10	10	30
UBC A	Boise State	10	0	0	10
UBC B	UW Sloth	10	0	10	20
UW Pride	UW Chastity	10	10	10	30
Auburn A	Tennessee A	10	10	10	30
Clemson A	Tennessee B	10	0	10	20
Georgia A	Clemson B	10	0	0	10
Emory A	Georgia Tech B	10	0	0	10
Emory Oxford	Vanderbilt A	10	0	0	10
Alabama A	Furman	10	0	10	20
Georgia Tech A	South Carolina A	10	0	0	10
Auburn B	Georgia Tech C	10	0	0	10
Georgia Tech D	Georgia Tech E	10	0	10	20
South Carolina B	Mississippi State A	10	0	10	20
Belmont	Southern	10	0	0	10
Vanderbilt B	Auburn C	10	0	10	20
James Madison A	Liberty B	10	0	0	10
Appalachian State A	James Madison B	10	0	10	20
Liberty A	Duke A	10	0	0	10
Liberty C	William & Mary	10	0	10	20
NC State	UNC D	10	0	0	10
Virginia Tech A	Tusculum	10	0	10	20
UNC B	VCU	10	0	0	10
UNC A	UNC C	10	0	0	10
Duke B	Virginia Tech B	10	0	10	20
UCLA C	Claremont B	10	10	10	30
UCLA D	Claremont C	10	10	0	20
UCLA B	UCLA E	10	0	0	10
UCSD	Claremont A	10	10	10	30
USC	UCLA A	10	0	0	10
Columbia A (UG)	Columbia J (DII)	10	0	0	10
Fordham A	Maryland A (DII)	10	0	0	10
Lehigh B (DII)	Lehigh A (UG)	10	0	0	10
Rutgers B	Lehigh A (UG)	10	0	0	10
Maryland B (DII)	Bard A (UG)	10	0	0	10
Columbia B	NYU A (UG)	10	0	0	10
NYU B	Rowan A (DII)	10	10	0	20
Penn A (DII)	Penn B (DII)	10	10	0	20
Princeton A (UG)	Lehigh B (DII)	10	0	10	20
Purdue B	Chicago B	10	10	0	20
Illinois A	Northwestern A	10	10	10	30
Indiana	Illinois B	10	0	10	20
Illinois C	Illinois D	10	0	10	20
Iowa A	Chicago A	10	0	10	20
WashU B	Iowa B	10	0	0	10
Notre Dame A	Notre Dame C	10	10	10	30
Notre Dame B	Purdue A	10	0	0	10
Purdue C	WashU A	10	0	10	20
RIT C	Binghamton C	10	0	0	10