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What are some of the most important characteristics of developing countries? Describe the Malthusian trap associated with population growth. Explain the demographic transition view of population growth. What is the…

What is the basic trade identity equation? What are the three major components of the Current Account? Which is the biggest? Define an exchange rate. Explain the three major reasons…

Explain the theory of absolute advantage. Explain the theory of comparative advantage. What is the difference between a tariff and a quota? Illustrate the deadweight loss of a tariff versus…

Write the formula for a budget deficit. What is the difference between government debt and a budget deficit or surplus? Why do economists like to compare the debt to the…

Define economic growth. What are the four supply factors of growth? What two other factors are important in economic growth? Use PPF analysis to contrast Adam Smith’s golden age of…

What are the three major questions about which the major schools of macroeconomics differ? Explain the difference between rational and adaptive expectations? What is the central policy implication of rational…

Why is the distinction between cyclical, frictional, and structural unemployment important? Define the unemployment rate. Explain Okun’s law. Illustrate demand-pull inflation. Illustrate cost-push inflation. What is the Keynesian dilemma that…

What is monetary policy? What are the three kinds of money? What are the three functions of money? What is the difference between M 1, M2, M3, and L? What…

What is the most important assumption underlying the Keynesian model? Illustrate the basic Keynesian model and a recessionary gap. What is a “leakage”? What is the most important leakage in…