Dr. Reed Olsen - Review
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Section |
Subjects Covered |
# of Questions |
Text Chapter |
Introduction |
terminology and economic systems |
3 |
1 & 2 |
PPF Model |
the production possibility model |
3 |
2 |
Supply & Demand |
Demand and Supply basics |
4 |
3 |
Demand and Supply equilibrium and applications |
3 |
4 |
|
Measuring the Economy |
measuring GDP, NI, PDI, PI, etc. |
3 |
8 |
types of taxes, market failure, public goods, externalities |
1 |
4 (98-102) |
|
definitions of inflation and unemployment, costs of both, price indices, real vs. nominal variables, etc |
3 |
6 & 7 |
|
Macroeconomic Models |
classical model (very simply) and Keynesian (more detail) |
4 |
9, 10 |
taxation, Keynesian equilibrium, expansionary/recessionary fiscal policy, automatic stabilizers, discretionary fiscal policy, the public debt, deficits, surpluses |
4 |
11 & 15 |
|
Money |
types/uses of money, creation of money, classical/Keynesian/monetarist monetary theory, crowding out |
4 |
12 & 14 |
The FED, expansionary/recessionary monetary policy |
4 |
13 & 14 |
|
AD & AS |
determination of AD/AS, shifts in both, equilibrium in the model, predictions if variables change |
3 |
5 (114-126) & 16 |
classical, Phillips curve, rational expectations, stagflation, supply side |
1 |
17 |
|
Total |
40 |
(1) Introduction
(2) Production Possibility Model.
(3) Supply and Demand.
(4) Measuring the economy
(5) Macroeconomic Models
(6) Money
(7) Aggregate Demand (AD) and Aggregate Supply (AS)