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At a personal level, what kind of questions can macroeconomics help you answer?
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At a business and professional level, what kind of questions can macroeconomics help you answer?
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Why is it important to study macroeconomics from an historical perspective?
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How is microeconomics distinguished from macroeconomics?
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How is inflation defined, and how is it typically measured? Why has inflation often been described as the cruelest tax? How is the unemployment rate measured?
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Describe the three kinds of unemployment.
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How is the rate of economic growth typically measured? Describe the two ways of measuring the gross domestic product.
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What is the difference between actual and potential Gross Domestic Product?
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What is the difference between nominal GDP and real GDP? Describe the phases of the business cycle.
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What is fiscal policy? What is monetary policy?
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Illustrate equilibrium in the aggregate supply-aggregate demand model.
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What is the Classical view of unemployment?
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John Maynard Keynes flatly rejected the Classical notion of a self-correcting economy. Why?
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Use the aggregate supply-aggregate demand model to illustrate demand-pull inflation.
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Use the aggregate supply-aggregate demand model to illustrate cost-push inflation.
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What was the Keynesian dilemma that arose because of stagflation?
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Milton Friedman’s Monetarist School argued that the problems of both inflation and recession may be traced to one thing. What is it?
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In the 1980 presidential election, Ronald Reagan ran on a Supply-side platform that promised to do what?
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New Classical economics is based on what controversial theory? What is the central policy implication of this, theory?
