• Chapter 34: Open-Market EconomicsChapter 34: Open-Market Economics

    • How to define balance of trade, portfolio investment, and foreign direct investment. • What the relationship is between balance of trade and net capital outflow. • What the determinants of international capital flows are. • How to define the international market for loanable funds. • What determinants and types of exchange rates exists. • Ho...

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  • Chapter 33: Financial CrisisChapter 33: Financial Crisis

    • What role irrational expectations and leverage play in financial crises. • What role mortgage-backed securities and tranching played in the rise of subprime lending. • How to analyze the factors that lead to the housing bubble and increased household debt. • How the housing bubble collapse created a credit crisis and drop in output. • What to...

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  • Chapter 32: InflationChapter 32: Inflation

    • How to explain the neutrality of money. • What the classical theory of inflation is. • What relationship exists between the quantity theory of money and inflation (and deflation). • What the role of monetary policy is in creating inflation and deflation, and what their economic consequences are. • What relationship exists between inflation, t...

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  • Chapter 31: Money and the Monetary SystemChapter 31: Money and the Monetary System

    • What the main functions of money are and what makes something a good choice for money. • How to explain the concept of fractionalreserve banking and the money multiplier. • What role the central bank plays and what the Federal Reserve’s (Fed) dual mandate is. • How the Fed conducts monetary policy. • How monetary policy affects interest rates...

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  • Chapter 30: The Basics of FinanceChapter 30: The Basics of Finance

    • How to define financial markets and the market for loanable funds. • What factors affect supply and demand for loanable funds. • What differences exist between debt, equity, and their associated assets. • What the main institutions are in financial markets. • What the risk-return trade-off is in financial assets. • Why savings equals investm...

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  • Chapter 29: Fiscal PolicyChapter 29: Fiscal Policy

    • What the difference is between contractionary and expansionary fiscal policy. • How fiscal policy can counteract short-run fluctuations. • What challenges are associated with fiscal policies. • How to calculate the fiscal multiplier. • How revenue and spending determine a government budget. • What the difference is between government deficit...

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  • Chapter 28: Aggregate Demand and Aggregate SupplyChapter 28: Aggregate Demand and Aggregate Supply

    • What the components of aggregate demand (AD) are and why the AD curve slopes downward. • What the components of aggregate supply (AS) are and why the AS curve slopes upward. • What factors shift AD and AS. • What differences exist between the short and long run. • What the short‐ and long‐run effects of shifts in AD and AS are. • What policy...

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  • Chapter 27: Unemployment and the Demand for LaborChapter 27: Unemployment and the Demand for Labor

    • How economists measure employment and unemployment. • How minimum wage rates and unionization can cause unemployment. • Why there is a natural rate of unemployment. • Why there is a cyclical component of unemployment. • What factors may stop wages from falling to the equilibrium level. • What challenges are associated with unemployment insur...

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  • Chapter 26: Economic GrowthChapter 26: Economic Growth

    • How to calculate growth rate of real GDP per capita. • What the relationship between productivity and growth is. • What the factors that determine productivity are. • Why there are differences between a country’slevel of income and its rate of growth. • How to assess evidence for and against convergence theory. • How good governance and econ...

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  • Chapter 25: The Cost of LivingChapter 25: The Cost of Living

    • What a market basket is and why it’s important. • How to calculate and use a price index. • How to identify challenges the Bureau of Labor Statistics (BLS) faces when measuring inflation. • How the BLS responds to these challenges. • How to calculate the inflation rate using three methods. • How to adjust nominal values into real values. • ...

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