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Macroeconomics
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Macroeconomics is the study of the economy on the large scale. Where microeconomics may apply to your corner store, macroeconomics applies to what the federal government does. This exam tests your knowledge of things such as monetary policies and what their affects will be on the economy as well as other high level economic theory. This exam is really just a first year course in macroeconomics so don’t worry with all the specifics and concentrate more on understanding an overview of the theories. As with some of the other technical exams learning the definition of GDP, inflation, unemployment, and other terms is essential to passing.
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Macroeconomics is the most exciting new economics textbook in a generation. Charles Jones distills modern macroeconomics as it is currently practiced—producing the first text to cover modern growth theory at the undergraduate level. The author's unique abilities as a teacher and writer render this modern treatment of economic theory an easy read for students new to the field. Together with a distinctive focus on problem solving, this clearly written text brilliantly matches accessibility with cutting-edge theory.
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Since its inception in 1979, the Journal of Macroeconomics has published theoretical and empirical articles that span the entire range of macroeconomics and monetary economics. More specifically, the editors encourage the submission of high quality papers that are concerned with the theoretical or empirical aspects of the following broadly defined topics: economic growth, economic fluctuations, the effects of monetary and fiscal policy, the political aspects of macroeconomics, exchange rate determination and other elements of open economy macroeconomics, the macroeconomics of income inequality, and macroeconomic forecasting.
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The Principles of Macroeconomics examination covers material that is usually taught in a one-semester undergraduate course in introductory macroeconomics. This aspect of economics deals with principles of economics that apply to an economy as a whole, particularly the general price level, output and income, and interrelations among sectors of the economy. The test places particular emphasis on the determinants of aggregate demand and aggregate supply, on monetary and fiscal policy tools that can be used to achieve particular policy objectives. Within this context, candidates are expected to understand measurement concepts such as gross domestic product, consumption, investment, unemployment, inflation, inflationary gap, and recessionary gap. Candidates are ... expected to demonstrate knowledge of the institutional structure of the Federal Reserve Bank and the monetary policy tools it uses to stabilize economic fluctuations and promote long-term economic growth, as well as the tools of fiscal policy and their impacts on income, employment, price level, deficits, and interest rate. Basic understanding of foreign exchange markets, balance of payments, effects of currency, and appreciation and depreciation on a country's imports and exports are also expected.
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Over five editions, Macroeconomics has remained among the most popular intermediate texts in the field. The Sixth Edition incorporates the most current data and theory into the text’s signature single-model approach, clearly demonstrating the real-world applications of macroeconomic theory. Additionally, the Sixth Edition has been revised to include updated and expanded coverage of long-run economic growth, the Taylor Rule, and international economics. A revised study guide and a new online edition of Macrosolve, the innovative multimedia learning resource, are fully integrated with the text.
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Macroeconomics is focused on the movement and trends in the economy as a whole, while in microeconomics the focus is placed on factors that affect the decisions made by firms and individuals. The factors that are studied by macro and micro will often influence each other, such as the current level of unemployment in the economy as a whole will affect the supply of workers which an oil company can hire from, for example.
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