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Textbook Chapters for Test 1

Textbook Chapters for Test 1 - principles texts without...

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Textbook Chapters for Test 1 ECO 2013 Fall 2010 The test will emphasize lectures and quizzes. At the outside, 10% of the questions could be material covered in the text but not in lectures or problem sets, with 5% more likely. The text is intended as a supplement, to reinforce your understanding of concepts and how facts fit into the broad picture. Whenever the text takes an alternatively approach, go with the one from lecture. For example, the text presents the elasticity of demand as a negative number, or at least a non-positive number. That’s actually the correct way to do it. But I present the elasticity of demand in class as a positive number, or at least non-negative, as is usually the case in introductory courses. That way you avoid having to say that a lower algebraic elasticity corresponds to more elastic demand. The text often refers to aggregate demand and aggregate supply. Those are, IMHO, useless concepts and you can ignore them for this course. They were introduced in
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Unformatted text preview: principles texts without careful thought (apologies to my long-time friends Ed Dolan and Dave Lindsey, who first did that, in their textbook) to describe the stagflation of the 1970s. The thought was that using “demand and supply” would make macro easy to understand, but it’s misleading. One reason among many they’re not useful is that the aggregate demand curve implies that deflation increases demand. Because people are using various editions, I give chapter titles rather than numbers. The 12 chapters for test 1 from Rittenberg and Tregarthen are: Demand and Supply Applications of Demand and Supply Elasticity Wages and Employment in Perfect Competition: Sections 1 and 3. Macroeconomics, the Big Picture: Sections 1 and 3. Measuring Total Output and Income Economic Growth Government and Fiscal Policy Consumption and the Aggregate Expenditures Model The Nature and Creation of Money Financial Markets and the Economy Monetary Policy and the Fed...
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