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Honors Principles of Macroeconomics

by: Elva D'Amore Sr.

Honors Principles of Macroeconomics ECON 105

Marketplace > Radford University > Economcs > ECON 105 > Honors Principles of Macroeconomics
Elva D'Amore Sr.
GPA 3.83

Kiertisak Toh

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Kiertisak Toh
Class Notes
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This 2 page Class Notes was uploaded by Elva D'Amore Sr. on Monday October 19, 2015. The Class Notes belongs to ECON 105 at Radford University taught by Kiertisak Toh in Fall. Since its upload, it has received 13 views. For similar materials see /class/224739/econ-105-radford-university in Economcs at Radford University.


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Date Created: 10/19/15
ECON 105 Final Exam Preparation K Toh Functions and Economic Definition of Money Three key functions that money serves The economic definition characteristics of money supply the difference between M1 and M2 the relative significance of M1 and M2 in the US economy ie the relative size of M1 and M2 Money Creation how banks create mone Process of money creation how banks create money Understand the process of money creation and the money multiplier What is meant by reserves required reserves fractional reserves excess reserves total reserves Why banks generally do not like to keep have too much excess reserve What banks have to do when their reserves are below the minimum reserve requirement The Federal Reserve System and Monetary Policy Know the structure of the Federal Reserve System What are the three monetary policy instruments How each of them works What are the macroeconomic outcomes goals that these monetary policy instruments intend to affect What is the theoretical framework economic reasoning underpinning the use of these monetary policy instrument What are some of the constraints on the effectiveness of monetary policy Fiscal Policy Budget De cits and National Debt What is meant by scal policies What are the scal policy tools How does each of the scal policy tools intend to work to achieve the macroeconomic goals outcomes What do economists mean by expansionary scal policy by contractionary scal policy Which policy stance scal policy ought to take when the economy is in a recession When the economy is facing in ation What are the major sources of government revenue major expenditures What is meant by quot 39 y and quot 39 y spending in the US budget What is their relative signi cance to the total budget What is meant by a budget de cit What are the major challenges of the US budget de cit in recent years What is the relationship between budget de cits and national debt What has been the trend of the US national debt What do economists mean by crowding ou as it relates to scal de cit Measuring Macroeconomic Performance Business Cycles Unemployment and Inflation What are the three macroeconomic goals Why might there be problems in achieving these goals simultaneously What do economists use to measure macroeconomic performance and goals Compare and contrast the efficacy of scal and monetary policy in achieving the macroeconomic goals What is Gross Domestic Product lGDP1 What are some of its uses What are some of its limitations What do economists mean by business cycle What are the phases of a business cycle What do economists mean by potential GDP actual equilibrium GDP recessiona gap and in ationa gap How do economists measure unemployment What are the different pes and characteristics of each pe of unemployment u What do economists mean when they talk about the natural rate of Flo ment Is full unemployment zero unemployment How might official unemployment rate be over or understated How do economists measure in ation What are the two basic causes apes of in ation Why is in ation a macroeconomic problem Does in ation affect everyone the same way Which groups in society are likely to be hurt by in ation Question for Critical Thinking 1 Virtually all economists agree a there is no such thing as a free lunch and b because the Bush Administration tried to fight the war without increasing taxes the Iraq War has displaced private investment andor government expenditures including investments in infrastructure education and RampD they are less than they would otherwise have been From what you have learned from this course How does economic analysis arrive at a there is no such thing as a free lunch Are economists correct in b 2 At the beginning of the semester you were asked to write down two or more things that you would like to take away from this course Describe two or more things that you believe you have learned from this course that you did not know before at the beginning of the semester


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