Macroeconomics
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Basic Economic Concepts
- Macroeconomics vs. Microeconomics
- Scarcity, choice, and opportunity costs
- Comparative advantage, absolute advantage, specialization, and trade
- Demand, supply, and market equilibrium
- Macroeconomic issues: business cycle, unemployment, inflation, growth
- Circular flow
- Gross domestic product
- Components of gross domestic product
- Real versus nominal gross domestic product
- Price indices
- Nominal and real values
- Costs of inflation
- Definition and measurement
- Types of unemployment
- Natural rate of unemployment
- Determinants of aggregate demand
- Multiplier and crowding-out effects
- Short-run and long-run analyses
- Sticky versus flexible wages and prices
- Determinants of aggregate supply
- Real output and price level
- Short and long run
- Actual versus full-employment output
- Business cycle and economic fluctuations
- Definition of financial assets: money, stocks, bonds
- Time value of money (present and future value)
- Measures of money supply
- Banks and creation of money
- Money demand
- Money market and the equilibrium nominal interest rate
- Supply of and demand for loanable funds
- Equilibrium real interest rate
- Crowding out
- Tools of central bank policy
- Quantity theory of money
- Real versus nominal interest rates
- Demand-side effects
- Supply-side effects
- Policy mix
- Government deficits and debt
- Short-run and long-run Phillips curves
- Demand-pull versus cost-push inflation
- Role of expectations
- Definition of economic growth
- Determinants of economic growth
- Investment in human capital
- Investment in physical capital
- Research and development, and technological progress
- Growth policy
- Balance of trade
- Current account
- Financial account (formerly known as capital account)
- Demand for and supply of foreign exchange
- Exchange rate determination
- Currency appreciation and depreciation
- Imports, exports, and financial capital flows
- Relationships between international and domestic financial and goods markets
- What is the money demand curve?
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- Question #187ea
- How do you calculate the marginal propensity to consume?
- Why does collective bargaining increase the bargaining power of workers?
- What are some of Canada's leading exports?
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- Question #429fa
- What might happen to the sales of a car if its producer announced that its new engine emits no pollution, was more powerful than previous engines, and would cost the same?
- What impact did the Panama Canal have on American trade?
- What type of economic system does Canada have?
- Question #ef8a2
- How does gross domestic product (GDP) provide a means to analyze economic growth?
- Do you think that China can continue to develop economically without making political reforms?
- What is behavioral economics?