This lesson asks students to identify sources for macroeconomic data, interpret data, describe the present state of the economy using current data, and use data to predict the state of the economy one year from now.
In this lesson summary review and remind yourself of the key terms and graphs related to the long-run aggregate supply curve and its relationship to the stock of resources, technology, and the natural rate of unemployment.
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In this lesson summary we cover the key takeaways and terminology related to spending multipliers and tax multipliers. Topics include how to calculate the expenditure multiplier and the tax multiplier.
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Principles of Macroeconomics 2e covers the scope and sequence of most introductory economics courses. The text includes many current examples, which are handled in a politically equitable way. The outcome is a balanced approach to the theory and application of economics concepts. The second edition has been thoroughly revised to increase clarity, update data and current event impacts, and incorporate the feedback from many reviewers and adopters. Changes made in Principles of Macroeconomics 2e are described in the preface and the transition guide to help instructors transition to the second edition. The first edition of Principles of Macroeconomics by OpenStax is available in web view here.
By the end of this section, you will be able to:
Analyze whether monetary policy decisions should be made more democratically
Calculate the velocity of money
Evaluate the central bank’s influence on inflation, unemployment, asset bubbles, and leverage cycles
Calculate the effects of monetary stimulus
By the end of this section, you will be able to:
Explain merchandise trade balance, current account balance, and unilateral transfers
Identify components of the U.S. current account balance
Calculate the merchandise trade balance and current account balance using import and export data for a country
By the end of this section, you will be able to:
Identify three ways in which borrowing money or running a trade deficit can result in a healthy economy
Identify three ways in which borrowing money or running a trade deficit can result in a weaker economy
By the end of this section, you will be able to:
Explain real GDP, recessionary gaps, and inflationary gaps
Recognize the Keynesian AD/AS model
Identify the determining factors of both consumption expenditure and investment expenditure
Analyze the factors that determine government spending and net exports
By the end of this section, you will be able to:
Evaluate the Keynesian view of recessions through an understanding of sticky wages and prices and the importance of aggregate demand
Explain the coordination argument, menu costs, and macroeconomic externality
Analyze the impact of the expenditure multiplier
By the end of this section, you will be able to:
Contrast nominal GDP and real GDP
Explain GDP deflator
Calculate real GDP based on nominal GDP values
