Study and know very well the
following topics:
·
The ten (10)
principles of economics and the three (3) categories into which they are
organized
·
Study and know how
to calculate slopes of demand and supply curves and the meanings of positive vs negative vs vertical and
horizontal slopes (Study the Mathematical
Appendix in your Textbook)
·
Definition of AD
in an economy
·
Definition of AS
in an economy
·
Definition of
macroeconomic equilibrium
·
Definition of
macroeconomic disequilibrium
·
Definition and
examples of injection variables in closed and open Keynesian models
·
Definition and
examples of leakage variables in closed and open Keynesian models
·
Identification of
cause of economic downturn in Keynesian models
·
Definition of
Keynesian consumption function
·
Definition of
Keynesian saving function
·
Definitions of MPC
and MPS in an economy
·
Definition and
significance of dis-saving
·
Identification of
endogenous and exogenous variables in Keynesian models
·
Definition and
significance of multiplier in Keynesian models
·
Calculation of the
multiplier in a simple Keynesian macroeconomic model-Y= C+ I
·
The effect of
multiplier on autonomous macroeconomic aggregates
·
Computation of
short-run GDP or national income in open and closed Keynesian models
·
Definitions of
inflation and deflation
·
Difference between
inflation and deflation
·
Difference between
inflation and the rate of inflation
·
Difference between
deflation and the rate of deflation
·
Definitions of the
rate of inflation and rate of deflation
·
Computation of the rate
of inflation and rate of deflation
·
Interpretation of
the rate of inflation and rate of deflation
·
Definition
and differences between the following types of inflation:
·
Creeping or
moderate inflation and galloping inflation
·
Creeping or
moderate inflation and hyperinflation
·
Galloping
inflation and hyperinflation
·
Identification of
the causes of inflation
·
Definition of
demand-pull inflation
·
Definition of
cost-push inflation
·
Identification of
the causes of inflation (Be able to identify the factors that
cause inflation in an economy)
·
Identification of
the consequences of inflation in an economy (Be able to identify the
factors that cause inflation in an economy)
·