Macroeconomics

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Macroeconomics

Macroeconomics

Course​ ​Text​ ​and​ ​Study​ ​Guide

Frank,​ ​Robert​ ​H.,​ ​Ben​ ​S.​ ​Bernanke,​ ​Kate​ ​Antonovics,​ ​and​ ​Ori​ ​Heffetz.​ ​Principles​ ​of​ ​Macro Economics,​ ​6th​ ​edition.​ ​McGraw-Hill,​ ​2015.​ ​ISBN​ ​978-0073518992

● [This​ ​text​ ​is​ ​provided​ ​as​ ​part​ ​of​ ​the​ ​course​ ​enrollment.​ ​Students​ ​may​ ​purchase​ ​print used,​ ​new,​ ​or​ ​rent​ ​copies​ ​at​ ​​this​ ​link​]

Course​ ​Description

Macroeconomics​ ​analyzes​ ​the​ ​performance​ ​of​ ​the​ ​national​ ​economy​ ​and​ ​its​ ​links​ ​to​ ​the global​ ​economy.​ ​This​ ​course​ ​is​ ​designed​ ​to​ ​examine​ ​many​ ​aspects​ ​of​ ​the​ ​economy​ ​from​ ​an aggregate​ ​perspective.​ ​Basic​ ​tools​ ​of​ ​economists​ ​are​ ​described,​ ​and​ ​an​ ​overview​ ​of​ ​the interrelated​ ​components​ ​of​ ​the​ ​United​ ​States’​ ​economy​ ​is​ ​included.​ ​Supply,​ ​demand, economic​ ​measures,​ ​growth,​ ​employment,​ ​and​ ​inflation,​ ​as​ ​they​ ​relate​ ​to​ ​the​ ​business​ ​cycle and​ ​the​ ​health​ ​of​ ​the​ ​economy,​ ​are​ ​examined.​ ​The​ ​relationship​ ​between​ ​aggregate expenditures​ ​and​ ​aggregate​ ​supply​ ​is​ ​analyzed.​ ​The​ ​roles​ ​of​ ​fiscal​ ​policy,​ ​money,​ ​banks, and​ ​monetary​ ​policy​ ​in​ ​the​ ​economy​ ​are​ ​discussed​ ​along​ ​with​ ​examining​ ​the​ ​role​ ​politics and​ ​the​ ​Federal​ ​Reserve​ ​have​ ​on​ ​economic​ ​outcomes.​ ​Other​ ​topics​ ​include​ ​the​ ​deficit, surplus,​ ​national​ ​debt,​ ​and​ ​the​ ​U.S.​ ​Social​ ​Security​ ​system.​ ​Throughout​ ​the​ ​course,​ ​various international​ ​issues​ ​in​ ​today’s​ ​global​ ​economy​ ​are​ ​presented.

Course​ ​Objectives

After​ ​completing​ ​this​ ​course,​ ​students​ ​will​ ​be​ ​able​ ​to: ● Identify​ ​and​ ​apply​ ​relevant​ ​terminology​ ​and​ ​concepts​ ​to​ ​economic​ ​issues​ ​and

problems.

● Compare​ ​and​ ​contrast​ ​the​ ​market​ ​system​ ​of​ ​economics​ ​with​ ​other​ ​systems. ● Analyze​ ​and​ ​synthesize​ ​the​ ​public​ ​and​ ​private​ ​sectors​ ​of​ ​the​ ​U.S.​ ​economy. ● Explain​ ​and​ ​synthesize​ ​the​ ​components​ ​of​ ​the​ ​National​ ​Income​ ​and​ ​Product

Accounts.

● Describe​ ​the​ ​macroeconomic​ ​goals​ ​and​ ​problems. ● Analyze​ ​and​ ​synthesize​ ​short-run​ ​and​ ​long-run​ ​models​ ​of​ ​macroeconomic​ ​activity. ● Analyze​ ​government​ ​macroeconomic​ ​policy​ ​tools,​ ​and​ ​explain​ ​how​ ​they​ ​are​ ​used​ ​to

stabilize​ ​the​ ​macroeconomy. ● Compare​ ​and​ ​contrast​ ​various​ ​macroeconomic​ ​theories. ● Analyze​ ​and​ ​synthesize​ ​international​ ​economic​ ​activity,​ ​and​ ​use​ ​the​ ​results​ ​to​ ​predict

the​ ​impact​ ​on​ ​U.S.​ ​macroeconomic​ ​activity.

Course​ ​Prerequisites

There​ ​are​ ​no​ ​prerequisites​ ​to​ ​take​ ​Macroeconomics.

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Important​ ​Terms

In​ ​this​ ​course,​ ​different​ ​terms​ ​are​ ​used​ ​to​ ​designate​ ​tasks: ● Proctoring:​ ​all​ ​final​ ​exams​ ​require​ ​proctoring​ ​which​ ​can​ ​be​ ​completed​ ​conveniently

from​ ​your​ ​home.​ ​A​ ​webcam​ ​is​ ​required. ● Tutoring:​ ​memberships​ ​include​ ​online​ ​tutoring​ ​for​ ​students​ ​to​ ​access​ ​with​ ​any

content/subject​ ​related​ ​questions​ ​in​ ​the​ ​place​ ​of​ ​faculty.​ ​If​ ​your​ ​tutor​ ​is​ ​not​ ​able​ ​to answer​ ​your​ ​questions​ ​please​ ​contact​ ​a​ ​student​ ​advisor.

● Practice​ ​Exercise:​ ​A​ ​non-graded​ ​assessment​ ​to​ ​assist​ ​you​ ​in​ ​practicing​ ​the​ ​skills discussed​ ​in​ ​a​ ​topic.

● Graded​ ​Exam:​ ​A​ ​graded​ ​online​ ​test.

Course​ ​Evaluation​ ​Criteria

StraighterLine​ ​provides​ ​a​ ​percentage​ ​score​ ​and​ ​letter​ ​grade​ ​for​ ​each​ ​course.​ ​See​ ​​Academic Questions​​ ​section​ ​in​ ​FAQ​ ​for​ ​further​ ​details​ ​on​ ​percentage​ ​scores​ ​and​ ​grading​ ​scale.​ ​A passing​ ​percentage​ ​is​​ ​70%​​ ​or​ ​higher.

If​ ​you​ ​have​ ​chosen​ ​a​ ​Partner​ ​College​ ​to​ ​award​ ​credit​ ​for​ ​this​ ​course,​ ​your​ ​final​ ​grade​ ​will​ ​be based​ ​upon​ ​that​ ​college's​ ​grading​ ​scale.​ ​Only​ ​passing​ ​scores​ ​will​ ​be​ ​considered​ ​by​ ​Partner Colleges​ ​for​ ​an​ ​award​ ​of​ ​credit.

There​ ​are​ ​a​ ​total​ ​of​ ​1000​ ​points​ ​in​ ​this​ ​course:

Topic Assessment Points​ ​Available

Graded​ ​Exam​ ​1 55

Graded​ ​Exam​ ​2 55

Graded​ ​Exam​ ​3 55

Graded​ ​Exam​ ​4 55

Graded​ ​Exam​ ​5 55

Cumulative​ ​Midterm​ ​Exam 150

Graded​ ​Exam​ ​6 55

Graded​ ​Exam​ ​7 55

Graded​ ​Exam​ ​8 55

Graded​ ​Exam​ ​9 55

Graded​ ​Exam​ ​10 55

Cumulative​ ​Final​ ​Exam 300

Total 1000

Course​ ​Topics​ ​and​ ​Objectives

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Topic Lesson​ ​Topic Subtopics Objectives

1 Basics​ ​of Macroeconomi

cs

● The​ ​Economic Perspective

● Theories,​ ​Principles, and​ ​Models

● Macroeconomics and​ ​Microeconomics

● Measuring​ ​Costs and​ ​Benefits

● Graphs

● Identify​ ​and​ ​describe​ ​three interrelated​ ​features​ ​of​ ​how economists​ ​think​ ​about​ ​the world.

● Define​ ​opportunity​ ​cost​ ​and provide​ ​an​ ​example.

● Explain​ ​the​ ​usefulness​ ​of​ ​the Scarcity​ ​Principle​ ​in​ ​economics analysis.

● State​ ​the​ ​difference​ ​between Macroeconomics​ ​and Microeconomics.

● Explain​ ​the​ ​difference​ ​between positive​ ​and​ ​normative economics.

● Explain​ ​the​ ​difference​ ​between measuring​ ​costs​ ​and​ ​benefits as​ ​proportions​ ​versus​ ​absolute dollar​ ​amounts.

● Represent​ ​a​ ​relationship between​ ​two​ ​variables​ ​with​ ​a graph.

2 The​ ​U.S. Economy

● Trade​ ​Specialization and​ ​Comparative Advantage

● The​ ​Foreign Exchange​ ​Market

● Government​ ​and Trade

● Trade​ ​Organizations and​ ​Agreements

● Trade​ ​Barriers ● The​ ​Case​ ​for

Protection

● Production Possibilities​ ​Curve

● Analyze​ ​the​ ​economic​ ​flows that​ ​link​ ​the​ ​U.S.​ ​and​ ​the economies​ ​of​ ​other​ ​nations.

● Define​ ​comparative​ ​advantage and​ ​use​ ​a​ ​table​ ​to​ ​illustrate​ ​the concept.

● Describe​ ​the​ ​gains​ ​from specialization​ ​and​ ​comparative advantage.

● Use​ ​a​ ​demand​ ​and​ ​supply model​ ​to​ ​show​ ​how​ ​exchange rates​ ​are​ ​determined.

● Use​ ​a​ ​demand​ ​and​ ​supply model​ ​to​ ​illustrate​ ​currency appreciation​ ​and​ ​depreciation.

● Compare​ ​and​ ​contrast​ ​the notable​ ​trade​ ​agreements.

● Analyze​ ​global​ ​competition. ● Delineate​ ​a​ ​case​ ​for​ ​free​ ​trade. ● Analyze​ ​the​ ​economic​ ​impact​ ​of

trade​ ​barriers. ● Explain​ ​the​ ​message​ ​of​ ​the

basic​ ​production​ ​possibilities curve.

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3 Basics​ ​of Supply​ ​and Demand

● Economic​ ​Systems ● Characteristics​ ​of

the​ ​Market​ ​System ● Markets ● Demand ● Supply ● Market​ ​Equilibrium

● Identify​ ​two​ ​major​ ​economic systems.

● Identify​ ​and​ ​explain​ ​the characteristics​ ​of​ ​the​ ​market system.

● Describe​ ​markets​ ​and​ ​their function.

● Explain​ ​the​ ​relationship between​ ​price​ ​and​ ​quantity demanded.

● Identify​ ​the​ ​determinants​ ​of demand.

● Explain​ ​and​ ​graphically illustrate​ ​the​ ​difference between​ ​a​ ​change​ ​in​ ​quantity demanded​ ​and​ ​a change​ ​in demand.

● Identify​ ​the​ ​determinants​ ​of supply.

● Explain​ ​and​ ​graphically illustrate​ ​the​ ​difference between​ ​a​ ​change​ ​in​ ​quantity supplied​ ​and​ ​a​ ​change​ ​in supply.

● Explain​ ​and​ ​graphically illustrate​ ​market​ ​equilibrium.

● Explain​ ​the​ ​Efficiency​ ​Principle. ● Apply​ ​demand​ ​and​ ​supply

analysis​ ​to​ ​real-world​ ​issues and​ ​problems.

4 Measuring

Economic

Outcomes

● Gross​ ​Domestic Product

● The​ ​Expenditures Approach​ ​to Calculating​ ​GDP

● The​ ​Income Approach​ ​to Calculating​ ​GDP

● Nominal​ ​GDP​ ​versus Real​ ​GDP

● Shortcomings​ ​of GDP

● Define​ ​Gross​ ​Domestic​ ​Product. ● Analyze​ ​the​ ​expenditures​ ​view

of​ ​GDP. ● Analyze​ ​the​ ​income​ ​view​ ​of

GDP.

● Use​ ​the​ ​expenditures​ ​approach to​ ​calculate​ ​GDP.

● Use​ ​the​ ​income​ ​approach​ ​to calculate​ ​GDP.

● Explain​ ​the​ ​difference​ ​between Nominal​ ​GDP​ ​and​ ​Real​ ​GDP.

● State​ ​the​ ​shortcomings​ ​of​ ​GDP as​ ​a​ ​measure​ ​of​ ​national​ ​well being.

5 Inflation ● Inflation ● The​ ​Consumer​ ​Price

● Define​ ​inflation. ● Analyze​ ​the​ ​Consumer​ ​Price

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Index

● Interest​ ​Rates ● Redistribution ● The​ ​Fisher​ ​Effect

Index.

● Identify​ ​the​ ​different​ ​types​ ​of inflation.

● Explain​ ​how​ ​someone​ ​benefits from​ ​inflation​ ​and​ ​how someone​ ​loses​ ​from​ ​inflation.

● Analyze​ ​the​ ​relationship between​ ​inflation​ ​and​ ​interest rates.

● Define​ ​the​ ​Fisher​ ​Effect​ ​and​ ​its outcomes.

6 Unemployment

and

Employment

● Unemployment ● The​ ​Labor​ ​Market

● Define​ ​unemployment. ● Calculate​ ​an​ ​unemployment

rate​ ​using​ ​real-world​ ​data. ● Apply​ ​the​ ​supply​ ​and​ ​demand

model​ ​to​ ​understand​ ​the​ ​labor market​ ​and​ ​its​ ​trends.

7 Economic

Growth

● Economic​ ​Growth ● Ingredients​ ​of

Growth

● Production Possibilities​ ​Analysis

● Accounting​ ​for Growth

● Is​ ​Growth​ ​Desirable and​ ​Sustainable?

● Define​ ​economic​ ​growth. ● Identify​ ​the​ ​main​ ​ingredients​ ​of

economic​ ​growth. ● Analyze​ ​economic​ ​growth​ ​using

the​ ​production​ ​possibilities curve.

● Present​ ​an​ ​accounting​ ​for economic​ ​growth.

● Explain​ ​the​ ​relationship between​ ​accelerating productivity​ ​and​ ​economic growth.

● Present​ ​an​ ​argument​ ​in​ ​favor of​ ​economic​ ​growth.

● Present​ ​an​ ​argument​ ​against economic​ ​growth.

8 Saving,​ ​Capital Formation​ ​and Financial

Markets

● The Income-Consumptio

n​ ​Relationship ● The​ ​Income-Saving

Relationship

● The​ ​Interest Rate-Investment

Relationship

● Explain​ ​the​ ​relationship between​ ​income​ ​and consumption.

● Explain​ ​the​ ​relationship between​ ​income​ ​and​ ​saving.

● Identify​ ​the​ ​non-income determinants​ ​of​ ​consumption.

● Explain​ ​the​ ​relationship between​ ​the​ ​interest​ ​rate​ ​and investment.

● Define​ ​crowding​ ​out​ ​and​ ​state its​ ​impact​ ​on​ ​expansionary fiscal​ ​policy.

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● Analyze​ ​the​ ​ownership​ ​of​ ​public debt.

9 Interest​ ​Rates and​ ​Monetary Policy

● The​ ​Functions​ ​of Money

● The​ ​Components​ ​of Money​ ​Supply

● The​ ​Fractional Reserve​ ​System

● Identify​ ​the​ ​functions​ ​of money.

● Define​ ​the​ ​M1​ ​and​ ​M2 measures​ ​of​ ​money.

● Outline​ ​the​ ​structure​ ​of​ ​the Federal​ ​Reserve​ ​System.

● Describe​ ​the​ ​district​ ​Federal Reserve​ ​Banks.

● Identify​ ​the​ ​functions​ ​of​ ​the Federal​ ​Reserve​ ​System.

● Describe​ ​the​ ​characteristics​ ​of Fractional​ ​Reserve​ ​Banking.

● Explain​ ​and​ ​illustrate,​ ​with​ ​a simple​ ​balance​ ​sheet,​ ​how​ ​a bank​ ​creates​ ​money.

10 The​ ​Business Cycle

● The​ ​Business​ ​Cycle ● Fluctuations ● The​ ​Output​ ​Gap ● Unemployment

● Analyze​ ​the​ ​business​ ​cycle. ● Explain​ ​the​ ​main​ ​characteristics

of​ ​recessions​ ​and​ ​expansions. ● Analyze​ ​the​ ​relationship

between​ ​potential​ ​output​ ​and actual​ ​output.

● Compare​ ​and​ ​contrast​ ​the natural​ ​rate​ ​of​ ​unemployment and​ ​cyclical​ ​unemployment.

11 Aggregate

Expenditures

● Equilibrium​ ​GDP ● Changes​ ​in

Equilibrium​ ​GDP ● Limitations​ ​of​ ​the

Model

● The​ ​Interest Rate-Investments

Relationship

● Built-In​ ​Stability

● Construct​ ​the​ ​Investment Schedule​ ​from​ ​the​ ​Investment Demand​ ​Curve.

● Determine​ ​equilibrium​ ​GDP, Output,​ ​and​ ​Income​ ​using tabular​ ​data.

● Define​ ​and​ ​calculate​ ​marginal propensity​ ​to​ ​consume.

● Identify​ ​the​ ​non-income determinants​ ​of​ ​consumption.

● Identify​ ​the​ ​determinants​ ​of investment​ ​demand.

● Define​ ​and​ ​explain​ ​the multiplier​ ​effect.

● Calculate​ ​the​ ​multiplier​ ​from hypothetical​ ​data.

● State​ ​the​ ​importance​ ​of automatic​ ​stabilizers.

12 Fiscal​ ​Policy ● Interest​ ​Rates ● Analyze​ ​the​ ​demand​ ​for

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● Tools​ ​of​ ​Monetary Policy

● Targeting​ ​the Federal​ ​Funds​ ​Rate

● Monetary​ ​Policy, Real​ ​GDP,​ ​and​ ​the Price​ ​Level

● Monetary​ ​Policy: Evaluation​ ​and Issues

money.

● Use​ ​a​ ​money​ ​demand​ ​and supply​ ​model​ ​to​ ​illustrate​ ​how the​ ​equilibrium​ ​interest​ ​rate​ ​is

● determined. ● Explain​ ​how​ ​the​ ​Federal

Reserve​ ​uses​ ​each​ ​of​ ​its​ ​tools to​ ​influence​ ​the money-creating​ ​abilities​ ​of​ ​the commercial​ ​banking​ ​system.

● Describe​ ​the​ ​FOMC. ● Define​ ​the​ ​federal​ ​funds​ ​rate. ● Explain​ ​how​ ​monetary​ ​policy

that​ ​focuses​ ​on​ ​targeting​ ​the federal​ ​funds​ ​rate​ ​works.

● Using​ ​a​ ​cause-effect​ ​chain, show​ ​how​ ​monetary​ ​policy impacts​ ​the​ ​economy​ ​at​ ​large.

● Analyze​ ​problems​ ​and complications​ ​associated​ ​with monetary​ ​policy.

● Identify​ ​the​ ​monetary multiplier.

13 Aggregate

Demand​ ​and Aggregate

Supply

● The​ ​Aggregate Demand-Aggregate

Supply​ ​Model ● Aggregate​ ​Demand ● Changes​ ​in

Aggregate​ ​Demand ● Aggregate​ ​Supply ● Changes​ ​in

Aggregate​ ​Supply ● Equilibrium​ ​and

Changes​ ​in Equilibrium

● From​ ​Short​ ​Run​ ​to Long​ ​Run

● Stabilization​ ​Policy

● Define​ ​aggregate​ ​demand. ● Define​ ​the​ ​AD-AS​ ​model. ● Analyze​ ​economic​ ​growth​ ​using

the​ ​AD-AS​ ​model. ● Explain​ ​the​ ​inverse​ ​relationship

between​ ​the​ ​price​ ​level​ ​and real​ ​GDP.

● Analyze​ ​the​ ​causes​ ​of​ ​change in​ ​aggregate​ ​demand.

● Explain​ ​the​ ​shape​ ​of​ ​the aggregate​ ​demand​ ​curve.

● Explain​ ​the​ ​shape​ ​of​ ​the aggregate​ ​supply​ ​curve.

● Analyze​ ​the​ ​causes​ ​of​ ​changes in​ ​aggregate​ ​supply.

● Compare​ ​and​ ​contrast short-and​ ​long-run​ ​equilibrium in​ ​the​ ​AD-AS​ ​model.

● Apply​ ​expansionary​ ​and recessionary​ ​gaps​ ​to​ ​the​ ​idea of​ ​a​ ​self-correcting​ ​economy.

14 Monetary

Policy​ ​and​ ​the Economy

● Taxation​ ​and Aggregate​ ​Supply

● Present​ ​the​ ​argument​ ​made​ ​by supply-side​ ​economists.

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● Stabilization​ ​Policy ● Fiscal​ ​Policy

● Explain​ ​the​ ​relationship between​ ​stabilization​ ​policy​ ​and demand​ ​shocks.

● Explain​ ​the​ ​relationship between​ ​stabilization​ ​policy​ ​and inflation​ ​shocks.

● Describe​ ​the​ ​effects​ ​fiscal policy​ ​can​ ​have​ ​on​ ​both aggregate​ ​demand​ ​and aggregate​ ​supply.

15 Exchange

Rates,

International

Trade​ ​and Capital​ ​Flows

● The​ ​Economic​ ​Basis for​ ​Trade

● Supply​ ​and​ ​Demand Analysis​ ​of​ ​Exports and​ ​Imports

● The​ ​Balance​ ​of Trade

● The​ ​Foreign Exchange​ ​Market

● Flexible​ ​Exchange Rates

● Fixed​ ​Exchange Rates

● International Exchange​ ​Rate Systems

● Recent​ ​U.S.​ ​Trade Deficits

● Present​ ​the​ ​economic​ ​basis​ ​for trade.

● Use​ ​a​ ​demand​ ​and​ ​supply diagram​ ​to​ ​show​ ​that​ ​as​ ​world prices​ ​increase​ ​relative​ ​to domestic​ ​prices,​ ​U.S.​ ​exports rise.

● Use​ ​a​ ​demand​ ​and​ ​supply diagram​ ​to​ ​show​ ​that​ ​as​ ​world prices​ ​decrease​ ​relative​ ​to domestic​ ​prices,​ ​U.S.​ ​imports rise.

● Explain​ ​the​ ​Balance​ ​of​ ​Trade​ ​in terms​ ​of​ ​each​ ​of​ ​its​ ​accounts.

● Analyze​ ​global​ ​competition. ● Analyze​ ​the​ ​offsetting

transactions​ ​that​ ​cause​ ​the Balance​ ​of​ ​Trade​ ​to​ ​always​ ​sum to​ ​zero.

● Use​ ​demand​ ​and​ ​supply diagrams​ ​to​ ​illustrate​ ​currency appreciation​ ​and​ ​depreciation.

● Use​ ​a​ ​demand​ ​and​ ​supply model​ ​to​ ​show​ ​how​ ​exchange rates​ ​are​ ​determined.

● List​ ​the​ ​determinants​ ​of exchange​ ​rates.

● State​ ​the​ ​case​ ​for​ ​flexible exchange​ ​rates​ ​and​ ​potential problems​ ​with​ ​this​ ​case.

● State​ ​the​ ​case​ ​for​ ​fixed exchange​ ​rates​ ​and​ ​potential problems​ ​with​ ​this​ ​case.

● Compare​ ​and​ ​contrast​ ​the various​ ​international​ ​exchange rate​ ​systems.

● Analyze​ ​recent​ ​U.S.​ ​trade

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deficits.

16 Review ● Review ● Macroeconomics​ ​Concepts ● Economic​ ​Decision​ ​Makers ● Supply​ ​and​ ​Demand ● Economic​ ​Outcomes ● Measuring​ ​Economic​ ​Outcomes ● The​ ​Business​ ​Cycle ● Growth​ ​and​ ​Unemployment ● Inflation ● Inflation​ ​and​ ​Unemployment ● Aggregate​ ​Expenditures ● Aggregate​ ​Supply​ ​and​ ​Demand ● Fiscal​ ​Policy ● Monetary​ ​and​ ​Financial

Institutions

● Monetary​ ​Policy​ ​and​ ​the Federal​ ​Reserve

● Deficits​ ​and​ ​Surpluses ● National​ ​Debt

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