Macro Study Guide

ECON:1200 Principles
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Macroeconomics
of Iowa
Unit 1 Introduction
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Lesson 1 Intro, Graphs, Choice

Objectives: Ten Things to Know
1 . What is Economics? What is scarcity, who faces it and what are its
consequences? What is an incentive?
 Economics- Science of choice. The opportunity cost of a
choice is the value of the best alternative you give up. what,
how for whom. Make choices by considering small changes
 Scarcity- all economic questions come from scarcity, who faces it-
everyone that wants things , consequences- can’t always have what
you want. Incentive-
2. What is Microeconomics? Individual decisions
What is Macroeconomics? How all individual decision fit together. Big
picture
3. Two big Economic questions:
a. What, how and for whom are goods being produced?
b. Does self-interest promote social interest?
4. Big ideas in Economics
a. Choices are tradeoffs
b. Cost-benefit analysis
c. When making a choice, opportunity costs must be considered.
d. When making a choice, marginals must be considered.
e. Responding to incentives
5. Types of statements in economics:
a. Positive: What is…?—Facts- how are things right now
b. Normative: What ought to be…?--- Opinion – how could things be
better if.
6. How do we address economic questions?- Methods- Observation and
measurement, models, testing. What is an economic model?
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7. Economics as a policy tool – three broad areas: advising government,

businesses and personal economic decision making
(From the Appendix to Chapter 1)

8. Graphing data, types of graphs, graphs in economic models (graphing
relationships between two variables, between more than two variables)
9. Calculating slopes
10. Linear equations, slopes, interpretation
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Unit 2 How Markets Work
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Lesson 2 Supply and Demand

1. What is a market? What are the different types of markets encountered
(i.e. market for goods, services, inputs, etc)? What is a competitive
market? What is the price of a good? What is the money price? What
is the relative price?
2. Definition of demand, quantity demanded, determinants of buying
plans, the law of demand, the income and substitution effects
3. The two interpretations of demand – demand curve and demand schedule.
What is the alternative way of looking at the demand curve (depending
on the willingness and ability to pay of the consumers)? Understand
Figure 3.1.
4. Changes in demand (i.e. shifts of the demand curve) and its factors vs.
changes in quantity demanded (i.e. movements along the demand curve)
and its (single) factor. Understand Table 3.1 and Figures 3.2 and 3.3
5. Definition of supply, quantity supplied, determinants of supply, the
law of supply.
6. The two interpretations of supply – supply curve and supply schedule.
What is the alternative way of looking at the supply curve (depending
on marginal cost)? Understand Figure 3.4.
7. Changes in supply (i.e. shifts of the supply curve) and its factors vs.
changes in quantity supplied (i.e. movements along the supply curve)
and its (single) factor. Understand Table 3.2, Fig. 3.5 and 3.6.
8. Equilibrium in the market, definition and features. Understand Fig.
3.7.
9. Disequilibrium in the market (price adjustments): surplus or shortage
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10. Putting it together: Determinants, mechanism and effects of all the

possible shifts in supply and demand. Understand Figures 3.8, 3.9,
3.10 and 3.11.
Lesson 3 Measurement
(Chapter 4: Measuring GDP and Economic Growth)
1. Definition of Gross Domestic Product and its four parts. The circular
flows of expenditure and income. Understand Figure 4.
2. The difference between “gross” and “net” for economic variables.
What is depreciation?
3. The Expenditure Approach of measuring GDP and its components.
Understand Table 4.1. The Income Approach of measuring GDP and
its components. Understand Table 4.2.
4. The difference between nominal GDP and real GDP. Calculation of
nominal and real GDP real GDP. Understand Table 4.3. What are the
uses and limitations of using the real GDP in Economics?
Take a brief look at the chain-dollar real GDP measure calculation
(mathematical note from chapter 4).
(Chapter 5: Monitoring Jobs and Inflation)

5. Why is unemployment a problem? Definition of unemployment.
6. What are the population labor force categories? Understand Figure 5.1.
Understand the three labor market indicators – definitions, features and
calculations.
7. Other definitions of unemployment and alternative measures.
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Understand the three types of unemployment. Definition of natural

unemployment, natural unemployment rate, full employment, potential
GDP and the output gap.
8. Why is inflation (or deflation) a problem? Definition of inflation and
hyperinflation. The difference between core inflation rate and headline
inflation rate.
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9. The CPI – definition, calculations and how to use it in finding the

inflation rate. Understand Table 5.1. Distinction between high
inflation and a high price level. The main sources of bias in the CPI
and their characteristics.
10. Alternative price indexes – definitions and use
Unit 3 A First Look at Macroeconomics
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Lesson 4 Aggregate Supply and Demand

1. Definition of aggregate supply
2. The short-run aggregate supply curve(SAS) – definition and graph
(reasons for upward slope of the SAS curve)
3. The long run aggregate supply curve (LAS) - definitions and graph
(reasons for the LAS curve to be vertical). Understand Figure 10.1
4. What shifts LAS and how? What shifts SAS and how? What are the
factors that change both LAS and SAS? What are the factors that change
only SAS without affecting LAS? Understand Figures 10.2 and 10.3.
5. Definition of aggregate demand. Understand Figure 10.4. The aggregate
demand curve (AD) slopes down— what are the reasons?
6. What shifts AD and how? Understand Figure 10.5.
7. The definition and characteristics of the short-run equilibrium. When does
the short run macroeconomic equilibrium occur? Understand Figure 10.6.
8. The definition and features of the long-run equilibrium. When does it
occur? Understand Figure 10.7
9. Why does the business cycle occur? What is a full-employment
equilibrium? What is an above full-employment equilibrium and a below
full-employment equilibrium? What is the output gap? What is the
inflationary gap and the recessionary gap? Understand Figure 10.9.
10. The short run and long run effects of fluctuations in aggregate demand and
in aggregate supply. Understand Figures 10.10 and 10.11. The aggregate
demand fluctuations and aggregate supply responses in the three different
Macroeconomic schools of thought (Classical, Keynesian and Monetarist)
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Unit 4 Financial Markets and Economic Growth
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Lesson 5 Finance, Savings and Investment

Know the definitions, features and characteristics of the following:
1. Financial institutions and financial markets
1.1. Distinctions between:
i. Finance and money
ii. Capital (physical and human capital) and financial capital
iii. Capital and investment
iv. Gross investment and net investment
v. Wealth and saving
1.2 Financial capital markets – types and characteristics
1.3 Financial institutions – definition and characteristics of key financial
institutions
1.4 Insolvency and Illiquidity
1.5. Relationship between interest rates and asset prices
2. The Loanable Funds Market
3. Funds that finance investment
4. The nominal and real rate of interest
5. The investment demand (demand for loanable funds – DLF).
Understand Fig. 7.3
6. The saving supply (supply of loanable funds – SLF). Understand
Fig.7.4
7. Equilibrium in the capital market, specifically in the market for
loanable funds. Understand Figure 7.5
8. Causes and directions of shifts in the DLF. Understand Fig. 7.6 (a)
9. Causes and directions of shifts in the SLF. Understand Fig 7.6 (b)
10. Government in the market of loanable funds
10.1 Budget surplus and deficit. Understand Fig. 7.7 and 7.8.
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10.2 The crowding-out effect

10.3 The Ricardo-Barro effect. Understand Fig. 7.9
Lesson 6 Economic Growth

1. What is economic growth? The expansion of production possibilities

2. Growth rate calculation and how it is interpreted. Growth rate of real
GDP, growth rate of real GDP per person and how it relates to the
standard of living. What is the Rule of 70 and how is it applied? How
long it takes a variable to double. 70 divided by the annual
percentage growth rate
3. Long term growth in the U.S. Economy – take a brief look at
economic growth history in the US and in the world economy. Are
poorer countries catching up to richer countries? Explore Figures 6.4 and
6.5.
4. What is potential GDP and what are the factors that induce growth in
potential GDP?
5. The aggregate production function — definition and characteristics.-
growth accounting- how much gdp growth results from growth of labor
and capital. Also, how much is a attributable to technological change
Understand Figure 6.6.
6. The aggregate labor market – definitions and characteristic for:
demand for labor, supply for labor, labor market equilibrium, real
wage rate. Understand Figure 6.7
7. Determination of potential GDP. Understand Figure 6.8
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8. Causes of growth in potential GDP – how does growth of labor supply

and of labor productivity respectively translate into growth in potential
GDP –details and characteristics. Understand Figures 6.9 and 6.10
9. Causes of growth in labor productivity
10. Theories of Economic Growth – definition, main ideas and
characteristics for:
10.1 Classical Growth Theory
10.2 Neoclassical Growth Theory
10.3 New Growth Theory
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Unit 5 Aggregate Demand, Money, and Inflation
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Lesson 7 Money, Price Level and Inflation

1. What is money? Means of payment. What are the three functions that
money can provide? Medium of exchange- Avoid the difficulties of
barter. Unit of account- denominate price of goods and services. How
many dollars an item is worth. Store of value- value of something from
one time to another.
In the US, what is considered money? Currency is the bills and coins
we use. Deposits at banks are also money because they can be
converted into currency and are used to settle debt. What is not
considered money?
2. The official measures of money: M1 and M2 and their components
M1- checking deposits and currency and traveler’s checks
M2- Money market mutual funds and savings deposits
3. Depository institutions – types, functions and benefits provided.
Commercial banks- maximize net worth of stockholders. Earn a
profit by lending at a higher interest rate than borrowers. , thrift
institutions- savings and loan associations, and savings banks and
credit unions, money market mutual funds What are the 3 types of
assets, their components and their characteristics, in which a commercial
bank puts the funds it receives from depositors? What are the bank’s
reserves? What is the federal funds rate?
4. The Federal Reserve System (FED), Central bank for U.S. its structure
and its goals. Regulates nation’s financial institutions and markets.
Monetary policy is conducted by fed. It is the adjustment of the quantity
of money in circulation to achieve specific economic goals. GOALs- keep
inflation in check, maintaining full employment, moderating business
cycle, contributing toward achieving long term growth.
Structure, 1. Board of governors in D.C. 2. 12 Regional federal reserve

banks, 3. Federal open market committee.
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5. The Fed’s balance sheet, what are its assets and what are its liabilities?
Assets- gold and foreign exchange, u.s. government securities, and loans to
banks. Liabilities- federal reserve notes in circulation, and bank’s deposits
What are the three policy tools that the Fed can use to influence the
quantity of money and interest rates? 1. Required reserve ratios---
banks required to keep 3 percent of deposits up to 42.8 million. 10
percent over 42.8 million 2. Discount rate- interest rate at which the
fed is ready to lend reserves to commercial bank. 3. Open market
operations- direct purchase or sale of U.S. gov securities. And
operation in the FedFund market- routine way of adding or
draining reserves. ----The federal funds market. Banks must
maintain required reserves. Some banks have more than they
need, others don’t. Flush banks lend federal funds to needy
ones. Interest is called FedFunds rate. Small number of dealers
to facilitate these loans.
Understand Figure 8.2 that illustrates one of the methods the Fed
employs to increase bank reserves. What is the discount rate?—
historically, fed increased the discount rate. What is the required
reserve ratio?
6. The mechanism of creating money by the banks. Understand Fig. 8.3.
The definition and characteristics of: the monetary base-fed’s liabilities
along with coins in circulation make up monetary base. Nations
money supply, desired reserves, required reserves—when increased,
banks hold more reserves. To increase, banks must decrease
lending. Decrease in lending decreases quantity of money, excess
reserves, desired reserve ratio, desired currency holdings, currency drain
ratio and money multiplier.
7. The money market - factors that influence the quantity of money held
8. The money demand – definition, characteristics and shifts. Understand
Figures 8.4 and 8.5.
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9. The money market equilibrium, short-run and long-run. Understand

10. The quantity theory of money – definition. The velocity of circulation
– definition. The equation of exchange in regular and growth rate
form. What do they tell us about the rate of velocity change and the
inflation rate in the long run?
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Reading and Viewing Assignment

• Read: Parkin, Chapter 8
• View Slideshow: Lectures 7, Media Lectures 7A and 7B
Lesson 8 Inflation
1. Inflation – definition and short run and long run distinctions
2. What is a demand-pull inflation and what are the factors that can
provoke it? What is the demand-pull inflation process? Sources and
responses. Understand Figure 12.3
3. What is the demand pull inflation spiral? Understand Figure 12.4
4. What is a cost-push inflation and what are the factors that can provoke
it? What is the cost-push inflation process? Sources and responses.
Understand Figure 12.5
5. What is the cost-push inflation spiral? Understand Figure 12.6.
6. Expected inflation: anticipated and unanticipated changes in aggregate
demand and their effects. Understand Figure 12.7. Rational
expectations, forecasting inflation and its link with the business cycle.
7. Deflation – definition, factors, consequences and a potential “cure”
8. What is the Short-Run Phillips Curve and what are its features?
Understand Figure 12.8.
9. What is the Long-Run Phillips Curve and what are its features?
10. How do changes in expected inflation and changes in the natural
unemployment rate translate into shifts of the two Phillips Curves?
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• Read: Parkin, Chapter 12, pages 301 to 314
• View Slideshow: Lecture 8
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Graded Assignment #7
Submit this graded assignment by the firm deadline specified in the
schedule provided in your course syllabus. Please do not ask for extensions on the
firm deadline for this assignment; of the twelve assignments in this course, the
lowest grade will be dropped.
To submit your assignment, follow the link to MyEconLab provided in the
"Submit Assignments" area of your course site in ICON.
.
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Unit 6 Macroeconomic Fluctuations and

Stabilization Policy
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Lesson 9 Expenditure Multipliers

1. The Keynesian model – main features
2. Definition and components of aggregate expenditure (AE). The 2-way
link between AE and GDP.
3. The consumption and savings functions—definitions, factors that
influence them, relationship with GDP, features, and characteristics.
4. What are the marginal propensities to consume and to save? How do
we define them and calculate them? What is the relationship between
them and the slopes of the consumption and saving functions,
respectively? For a visual representation, explore Figure 11.2.
5. The import function - definition, relationship with real GDP. What is
the marginal propensity to import?
6. Aggregate planned expenditure and the AE curve - definition,
construction, representation. Relationship between actual expenditure,
planned expenditure and real GDP. Understand Figure 11.3.
7. What are the autonomous and induced expenditures, respectively?
8. Equilibrium expenditure – definition and illustration. Convergence to
equilibrium. Understand Figure 11.4.
9. The multiplier—definition, calculation, and use. The size of the multiplier
and the link with the slope of the AE curve. The influence of imports and
income taxes on the size of the multiplier
10. The link between aggregate expenditure (AE) and the aggregate
demand (AD). Understand Figures 11.8 and 11.9. How changes of AD
translate into different multiplier effects in the short run and in the
long-run. Understand Figures 11.10 and 11.11.
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• View Slideshow: Lectures 9, Media Lectures 9A and 9B
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Lesson 10 Business Cycles

1. The business cycles—definitions, patterns impulses and mechanisms.
The mainstream business cycle theory – definition and mechanism.
2. Aggregate demand vs. aggregate supplies theories of business cycles
3. The money wage rigidity
4. The Keynesian Cycle theory
5. The Monetarist Cycle theory
6. The New Classical Cycle Theory (or the Rational Expectations theory)
7. The New Keynesian Cycle Theory
8. The Real Business Cycle Theories (RBC): impulse and mechanism
9. RBC, the loanable funds market and the labor market. Understand
Figure 12.2
10. Criticism and defense of the RBC theory

• Read: Parkin, Chapter 12 up to page 300
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Lesson 11 Monetary and Fiscal Policy

Objectives: Ten Things to Know (Chapter 13:
Fiscal Policy)
1. The federal budget- purposes, mechanism, historical perspective,
surplus and deficit, budget balance and debt
2. Supply-side effects of fiscal policy –taxes on expenditure, labor
income, and capital income. Their effects on real wages, employment,
real interest rates, saving and investment respectively. Understand
3. Tax revenues and the Laffer curve. Understand Figure 13.7.
4. Generational effects of fiscal policy
5. Fiscal stimulus – definition. Automatic vs discretionary fiscal policy:
5.1 automatic stimulus; cyclical and structural budget balances
5.2 government expenditure multiplier, tax multiplier (Understand
Figure 13.11)
5.3 limitations of the discretionary fiscal policies, time lags
(Chapter 14: Monetary Policy)

6. Monetary policy objectives and Fed’s goals
7. Monetary policy instruments and decision-making strategies used by
the Fed
8. Monetary policy transmission – the effects of changes in the federal
funds rate on other interest rates (short-term bill rate, long-term bond
rate). Understand Figure 14.4.
9. The influence of monetary policy on real GDP and the price level
10. How does the Fed fight recession and how does it fight inflation.
Understand Figures 14.6 and 14.7.
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• Read: Parkin, Chapters 13 and 14

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Examination #2
A supervised, 90-minute exam follows this assignment, covering the
chapters studied after the first examination. Refer to the Course Syllabus and the
About Exams section on the ICON’s course page for exam dates, restrictions and
requirements related to the exam schedule. The exam consists of multiple-choice
questions that are similar in nature to the types of questions posed in the
preceding graded assignments. The examination is closed book and closed notes;
while students may use (but do not necessarily need) a standard calculator, the use
of a computer or other tool is not allowed. To best prepare for the exam, review
top concepts from this study guide, the graded assignments and if you have asked
your instructor questions, make sure to understand your instructor’s explanations.
Information regarding exam scheduling and policies is posted on the
course Web site in ICON. Each student is responsible for registering for their
exam by the posted deadlines.
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Unit 7 Macroeconomic Overview
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Lesson 12 International Trade

( Chapter 2: The Economic Problem)
1. The production possibilities frontier – definition, illustration of
scarcity and production efficiency, characteristics. Understand Fig. 2.1
2. The concept of opportunity cost and its use. The link between PPF and
opportunity cost.
3. The link between PPF and marginal cost. Understand Figure 2.2.
4. Preferences and the marginal benefit curve. Understand Figure 2.3.
The efficient use of resources (allocative efficiency). Understand
Figure 2.4.
5. Comparative advantage and absolute advantage – definitions,
calculations and applications in the determination of gains from trade.
Understand Tables 2.1, 2.2 and 2.3 and Figures 2.6 and 2.7.
( Chapter 15: International Trade Policy)

6. Patterns and trends in international trade, US’s trends in trade, national
comparative advantage as a fundamental force that drives trade,
specialization
7. Equilibrium in a market with imports and in a market with exports.
Understand Figures 15.1 and 15.2
8. Gains and losses from imports; gains and losses from exports; net gain
9. Trade restrictions: tariffs, quotas, other import barriers, export
subsidies – definitions, effects, gains and losses
10. The debate on protection – arguments and factors
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• Read: Parkin, Chapters 2 and 15

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Lesson 13 International Finance

1. Foreign currency, nominal and real exchange rates, appreciation and
depreciation of the domestic currency (US dollar) and the Foreign
Exchange market (Forex).
2. Demand in Forex, factors that determine the quantity of currency
demanded, the law of demand for Forex. Understand Figure 9.1.
Determinants and directions of Forex demand shifts (i.e. changes in
the demand of US dollars). Understand Figure 9.4.
3. Supply in Forex, factors that determine the quantity of currency
supplied, the law of supply for Forex. Understand Figure 9.2.
Determinants and directions of Forex supply shifts (i.e. changes in the
supply of US dollars). Understand Figure 9.5.
4. Equilibrium in Forex. Understand Figure 9.3.
5. What is arbitrage and what are the definitions and characteristics of its
outcomes in international markets:
7.1 The law of one price
7.2 No round-trip profit
7.3 Interest rate parity
7.4 Purchasing power parity
6. What is speculation, the expected future exchange rate and exchange
rate volatility?
7. Market fundamentals – what is the real exchange rate and how is it
calculated? How is it determined by price levels and money?
8. Definitions and characteristics of the three possible exchange rate
policies
8.1 Flexible exchange rate
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8.2 Fixed exchange rate. Understand Figure 9.6.

8.3 Crawling peg
9. Definition and components of the balance of payments. Understand
Table 9.1.
10. What is a new borrower? What is a net lender? International borrowers
and lenders in the global loanable funds market. Understand Figure
9.7. What is a debtor nation? What is a creditor nation? What determines
a country’s current account balance and net foreign borrowing?
Understand Table 9.2.


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Examination #3 (Final)
A supervised, two-hour comprehensive (cumulative) exam follows this
assignment. Refer to the Course Syllabus and the About Exams section on the
ICON’s course page for exam dates, restrictions and requirements related to the
exam schedule. The exam consists of questions that are similar in nature to the types
of questions posed in the preceding graded assignments. Even though the final test
is cumulative, it will be more focused on the content studied after the second exam.
The examination is closed book and closed notes; while students may use (but do
not necessarily need) a standard calculator, the use of a computer or other tool is
not allowed. To best prepare for the exam, review the top concepts from this study
guide, review the graded assignments and if you have asked your instructor
questions, make sure to understand your instructor’s explanations.
Information regarding exam scheduling and policies is posted on the
course Web site in ICON. Each student is responsible for registering for their
exam by the posted deadlines.
Transcript
http://registrar.uiowa.edu/transcripts/
Upon completion of this course, your final grade will be entered on your
permanent student record at The University of Iowa. Official transcripts of your
permanent record can be obtained from the Office of the Registrar, The
University of Iowa, 1 Jessup Hall, Iowa City IA 52242-1316. For information on
the current transcript fee or to order your transcript by phone, call 319.335.0230.
A transcript request form, which can be printed from the Web and mailed or faxed
to the Office of the Registrar, is available online (address above). Final course
grades can also be viewed and transcripts ordered electronically through MyUI:
http://myui.uiowa.edu/ .
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ECON:1200 Principles

Lesson 1 Intro, Graphs, Choice

7. Economics as a policy tool – three broad areas: advising government,

(From the Appendix to Chapter 1)

Unit 2 How Markets Work

Lesson 2 Supply and Demand

10. Putting it together: Determinants, mechanism and effects of all the

(Chapter 5: Monitoring Jobs and Inflation)

Understand the three types of unemployment. Definition of natural

9. The CPI – definition, calculations and how to use it in finding the

Unit 3 A First Look at Macroeconomics

Lesson 4 Aggregate Supply and Demand

Unit 4 Financial Markets and Economic Growth

Lesson 5 Finance, Savings and Investment

10.2 The crowding-out effect

Lesson 6 Economic Growth

1. What is economic growth? The expansion of production possibilities

8. Causes of growth in potential GDP – how does growth of labor supply

Unit 5 Aggregate Demand, Money, and Inflation

Lesson 7 Money, Price Level and Inflation

Structure, 1. Board of governors in D.C. 2. 12 Regional federal reserve

9. The money market equilibrium, short-run and long-run. Understand

Reading and Viewing Assignment

Reading and Viewing Assignment

Unit 6 Macroeconomic Fluctuations and

Lesson 9 Expenditure Multipliers

Reading and Viewing Assignment

Lesson 10 Business Cycles

Reading and Viewing Assignment

Lesson 11 Monetary and Fiscal Policy

(Chapter 14: Monetary Policy)

Reading and Viewing Assignment

Graded Assignment #10

Unit 7 Macroeconomic Overview

Lesson 12 International Trade

( Chapter 15: International Trade Policy)

Reading and Viewing Assignment

Graded Assignment #11

Lesson 13 International Finance

8.2 Fixed exchange rate. Understand Figure 9.6.

Reading and Viewing Assignment

Graded Assignment #12

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