![]() ![]() nominal GDP, inflation: its measurement, its National Income Accounts, circular flow models, Gross Domestic Product (GDP) components of GDP, real vs. Readings from textbook: McConnell-Brue, Chapters 7-9Ĭhapter 7: Measuring domestic output, national income, and the price levelĬhapter 8: Introduction to Economic Growth and InstabilityĬhapter 9: Building the Aggregate Expenditures Model Unit 2: Measurement of Economic Performance absolute advantage, opportunity cost, specialization, and exchange demand, supply, and market equilibrium macroeconomic issues: business cycle, unemployment, inflation, growth, graphs – models and their meaning ![]() ![]() Production possibilities curves, comparative advantage vs. Readings from textbook: McConnell-Brue, Chapters 1-5Ĭhapter 1: The Nature and Method of EconomicsĬhapter 3: Individual Markets: Demand and SupplyĬhapter 5: The U.S. Quizzes require no such advance notice, but are usually given on assigned reading or problem sets. Students will know of an upcoming major test at least a week in advance. Tests will be a combination of objective multiple choice questions and free response questions (FRQ) on graphic analysis problems. ![]()
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