How Changes in Income and Prices Affect Consumption Choices
- Explain how income, prices, and preferences affect consumer choices
- Contrast the substitution effect and the income ...
Polar Cases of Elasticity and Constant Elasticity
- Differentiate between infinite and zero elasticity
- Analyze graphs in order to classify elasticity as constant unitary, ...
- Describe how discretionary fiscal policy can be used by the federal government to stabilize the economy. ...
Defining Money by Its Functions
- Explain the various functions of money
- Contrast commodity money and fiat money
The Difference between Level of Trade and the Trade Balance
- Identify three factors that influence a country's level of trade
- Differentiate between balance of trade and level of trade
How Government Borrowing Affects Private Saving
- Apply Ricardian equivalence to evaluate how government borrowing affects private saving
- Interpret a graphic representation of ...
Adjusting Nominal Values to Real Values
- Contrast nominal GDP and real GDP
- Explain GDP deflator
- Calculate real GDP based on nominal GDP values
The Tradeoffs of Trade Policy
- Asses the complexity of international trade
- Discuss why a market-oriented economy is so affected by international ...
Microeconomics and Macroeconomics
- Describe microeconomics
- Describe macroeconomics
- Contrast monetary policy and fiscal policy
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