Policy – remember it is countercyclical

For ALL curves in ALL graphs -you most understand slopes and shift factors. You also should expect some of the same kinds of problems/calculations that you have seen before. Policy – remember it is countercyclical, may be expansionary or contractionary depending upon where the economy is in the business cycle; who is acting is important, tools are important, timing is important.
Ch 1: role of scarcity, economic theories (models, the ceteris paribus assumption), tradeoffs between efficiency and equity, positive questions v. normative questions, eight key principles of economics:
Ch 2: bask economic questions: what to produce, how to produce it, and who will receive the goods and services produced. production possibilities frontier, comparative advantage and gains from trade.
Ch 3: markets demand: willingness to pay, law of demand, determinants of demand, difference between movements along the demand curve and shifts in the demand curve. supply: law of supply, determinants of supply, and difference between movements along the supply curve and shifts in the supply curve market equilibrium: process of equilibrium, shifts in supply and/or demand curves and impact on equilibrium poke and quantity.
Ch 5: business cycles, national income accounting, circular flow diagram how GDP is measured, calculate GDP using both the expenditures and income approaches is GDP a useful way to compare standards of living across countries, quality of life measures, informal economy. difference between real GDP and nominal GDP and when it would be appropriate to use each value.
Ch 6: how inflation is measured, use the Consumer Price Index (CPI) to: calculate inflation, discuss the ways in which it tends to overstate inflation, make adjustments for inflation (convert nominal values into real values). the main causes and economic consequences of inflation. unemployment rate and related labor market statistics, difference between not in the labor force and unemployed, concerns related to underemployed, discouraged, and other marginally attached workers. differences between the three types of unemployment, full employment, potential for government policy to address some of the reasons why unemployment exists.
Ch 7: how economic growth is measured, Rule of 70, principle of compounding, why small differences in growth rates make larger differences over time. difference between short-run economic growth and long-run economic growth: making use of underutilized resources (short-run) v. finding new resources or new ways to use existing resources (long-run) factors of production and production function, use production function to explain how to achieve economic growth as both increases in the productivity of inputs and increases in total factor productivity. the role of government in promoting economic growth.
Ch 11.1 & Ch 12: money, three primary functions of money (medium of exchange, unit of account, store of value). how money supply is defined in the US, two primary money supply measures – M1 and M2. process by which banks in the commercial banking system create money. how money multiplier works and how leakages make actual money multiplier smaller than potential money multiplier. structure of the Federal Reserve System, purpose of the Federal Open Market Committee, services provided by the Fed. three monetary policy tools the Fed can use to alter the money supply to carry out monetary policy, why open market operations are principal tool used, four monetary policy lags.
Ch 9: determinants of aggregate demand, distinguish between factors that explain slope of AD and those that shift AD. determinants of aggregate supply, distinguish between factors that explain slope of SRAS and those that explain slope of LRAS, distinguish between the factors that will shift each of the AS coasts. macroeconomic equilibrium using the AD/AS model, difference between a short-run (temporary) equilibrium and the long-run (stable) equilibrium, role of the spending multiplier. use AD/AS model to illustrate recession, difference between demand-pull inflation and cost-push inflation.
Ch 13: monetary policy, difference between expansionary and contractionary monetary policy, the Fed’s twin monetary policy goals, why interest rates are so important to the economy. long-run classical monetary theory (the quantity theory of money) v. short-run Keynesian and monetarist monetary theories, why demand shocks and supply shocks may require different approaches to monetary policy in the short run. modern monetary policy, debate between rules versus discretion, distinguish between the various rules. recent monetary policy challenges facing the Fed and the European Central Bank.
Ch 10: fiscal policy tools used to influence aggregate demand, difference between expansionary and contractionary fiscal policy, government spending and taxation multiplier effects, which elements of government spending constitute discretionary fiscal policy. supply-side fiscal policy, how influencing long-run aggregate supply is different from influencing aggregate demand. challenges in implementing fiscal policy, role of automatic stabilizers, impact of the four fiscal policy timing lags. deficits, surpluses, and debt in the federal government’s budget, difference between national debt and public debt, how debt and deficits are financed. potential consequences of maintaining high public debt, “crowding out” effect of deficit spending.

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