Economics 144 Test 2 Video Classes

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Chapter 3: Aggregate Demand and Aggregate Supply

  • Aggregate Demand
    • Why is the Aggregate Demand (AD) curve downward sloping?
    • The real balance effect
    • The interest rate effect
    • The international trade effect
    • Factors that lead to a change in AD: leading to shifts in the AD curve
    • AD = TE = C + I + G + EX – IM
  • Aggregate Supply
    • Why is the Short-run Aggregate Supply (SRAS) curve upward sloping?
    • Sticky (inflexible) wages
    • Workers misperceptions
    • Factors that lead to a change in SRAS: leading to shifts in the SRAS curve
    • Long-run Aggregate Supply (LRAS)

Aggregate Demand

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Aggregate Supply

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Aggregate Demand and Aggregate Supply: Example Questions

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Chapter 4: Classical Macroeconomics and the Self-regulating Economy:

Introduction

  • Introduction
  • Classical Macroeconomics assumptions

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Classical Macroeconomics and the Self-regulating Economy: The three states in the economy

  • The three states in the economy
  • Recessionary gap
  • Inflationary gap
  • Long-run equilibrium
  • The Physical PPF, the Institutional PPF and the three state in the economy

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Classical Macroeconomics and the Self-regulating Economy:

  • Self-regulating economy definition
  • A self-regulating economy in a recessionary gap
  • A self-regulating economy in an inflationary gap
  • Self-regulating economy and macroeconomic policy: Laissez-fair

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Chapter 5: Keynesian Macroeconomics:

Introduction

  • Keynes` critique of the classical view of macroeconomics

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Keynesian Macroeconomics: The Simple Keynesian Model

  • Simple Keynesian Model Assumptions
  • The consumption function
  • The multiplier and the multiplier proses

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Keynesian Macroeconomics: The Simple Keynesian Model in the AD-AS and the TE-TP framework

  • The Simple Keynesian Model in the AD-AS framework
  • The multiplier and AD
  • The role of the government when the economy is in a recessionary gap
  • The Simple Keynesian Model in the TE-TP framework
  • Deriving the Total Expenditure (TE) curve: TE = C + I + G
  • Comparing Total Product (TP) and Total Expenditure (TE)

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Chapter 6: Fiscal Policy 

  • Definitions
  • Demand-side Fiscal Policy
  • Expansionary Fiscal Policy
  • Contractionary Fiscal Policy
  • Income tax structures
  • The government budget
  • The effectiveness of Fiscal policy
  • Crowding Out
  • Lags
  • Supply-side Fiscal Policy
  • The Laffer Curve

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Keynesian Macroeconomics and Fiscal Policy: Example Questions

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Chapter 7: Money, Banking and the Financial System

  • Definition of money
  • Functions of money
  • Medium of exchange: Double coincidence of wants
  • Unit of account
  • Store of value
  • The origins of money
  • Barter economy
  • Double coincidence of wants
  • Money Supply
  • The development of banks
  • Money creation and the money multiplier
  • The financial system and asymmetric information
  • Adverse selection
  • Moral hazard

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Chapter 8: The South African Reserve Bank (SARB) and monetary policy in South Africa

  • Introduction
  • The functions of the SARB
  • Instruments to control inflation
  • Cash reserve requirement
  • Open market operations
  • Repurchase rate (repo rate)
  • Methods to increase and decrease the money supply

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Chapter 9: Money and the Economy: Monetarism

  • The equation of exchange
  • The simple quantity theory of money
  • Monetarism assumptions
  • Monetarism in the AD-AS framework
  • Inflation from AD-side
  • Inflation from AS-side
  • Money and the Interest rate
  • The liquidity effect
  • The income effect
  • The price level effect
  • The expectations / Fisher effect
  • Nominal vs. real interest rates

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Money and the economy: Example questions

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