(1) To achieve an understanding of fundamental principles of economics such as opportunity cost, the law of demand, and comparative advantage; (2) to obtain familiarity with basic measures of aggregate economic activity such as gross domestic product, the unemployment rate, and the money supply; (3) to comprehend the essential features of the principal (competing) theories of aggregate output (or income) and employment, inflation, exchange rates and the balance of trade; and (4) to appreciate the link between macroeconomic theory and policy.
Text: McConnell, Brue, and Flynn. Macroeconomics, 19th edition (Loose Leaf plus CONNECT access), New York: McGraw Hill Irwin. ISBN: 0077337816.
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The FINAL EXAMINATION is Monday, May 6 at 10:15 a.m. The exam consists of 60 questions, of which 45 are drawn from material in Chapters 11, 12, 13, 14, 15, and 16. The remaining 15 questions are "comprehensive," and topics here include the production possibilities curve, measuring GDP, public goods and externalities, unemployment, inflation and the CPI, the circular flow model, the "invisible hand," and the Keynesian income-expenditure model. Please bring a #2 lead pencil, a calculator, and your student ID.
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