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The coverage of the final test for econ 158, a college-level economics course taught by juergen fleck in spring, 2011. The test includes chapters 12-18 and problem sets 12-16, with a focus on various economic concepts such as ad-as analysis, monetary and fiscal policies, inflation, money creation, and exchange rate determination. Current economic conditions are also included.
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Econ 158 Juergen Fleck Spring, 2011 In the final test you are responsible for the following: Chapters 12 - 18 Problem sets 12 - 16 The following concepts were stressed in class: AD-AS analysis: short-run and long-run adjustments The slow adjustment of wages The effects of monetary and fiscal policies Demand-pull and cost-push inflation Stagflation The sacrifice ratio, Okun’s law, the misery index The budget deficit and the trade deficit Crowding out A balanced budget amendment The effects of a large national debt The importance and functions of money Money creation and the money multiplier The Federal Reserve System Tools, instruments, targets and goals of monetary policy The Great Depression and the financial crisis of 2008 Equilibrium in the money market The quantity theory of money The income velocity of money The neutrality of money The Fisher equation Monetary growth rules versus active stabilization policies Inflation targeting, RGDP targeting, and NGDP targeting Credibility versus flexibility Policy lags Hyperinflation The Phillips curve and the natural rate of unemployment Rational and adaptive expectations Monetarism and new Keynesian economics Purchasing power parity and interest rate parity Exchange rate determination Capital flight Current economic conditions