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Principles of Macroeconomics Econ 231 Spring 2010

Principles of Macroeconomics Econ 231 Spring 2010. William J. Polley Department of Economics College of Business and Technology Western Illinois University. Top 10 Things to Know for the Final Exam. 10. Labor force, employment, unemployment: How to calculate, definitions

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Principles of Macroeconomics Econ 231 Spring 2010

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  1. Principles of MacroeconomicsEcon 231 Spring 2010 William J. Polley Department of Economics College of Business and Technology Western Illinois University

  2. Top 10 Things to Know for the Final Exam • 10. Labor force, employment, unemployment: How to calculate, definitions • 9. Price indexes, inflation, quantity theory, neutrality of money • 8. AD-AS model • Difference between real business cycle theory and new Keynesian theory • Great Depression

  3. Top 10 Things to Know for the Exam • 7. Federal Reserve System • Structure, members, FOMC, etc. • 6. Tools of monetary policy • Required reserve ratio • Discount rate • Open market operations (know how they work) • 5. Why do real shocks present a problem for the Fed? Explain with AD-AS model. • 4. Current economic conditions: If you have a good essay, you should be prepared. Don’t forget what you have learned!!

  4. Top 10 Things to Know for the Exam • 3. Fiscal Policy: Major categories of taxes and spending, average vs. marginal, flat vs. progressive, debt vs. deficit • 2. Explaining fiscal policy with AD-AS model • 1. Opportunity cost; comparative advantage

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