| Steven M. Reff Economics Lecturer University of Arizona (2007 - 2016) The 2015 University of Arizona Five-Star Faculty Award |
| CLEP® Principles of Macroeconomics Course Preparation |
NOTE: This website is not a College Board® sponsored website. Everything on this
website can be used by teachers or students to get a better understanding of their
college-level Principles of Macroeconomics course.
website can be used by teachers or students to get a better understanding of their
college-level Principles of Macroeconomics course.
| Unit 1: Basic Economic Concepts (12%–15%) |
| Unit 2: Measurements of Economics Performance (12%–16%) |
| Unit 3: National Income and Price Determination (15%–20%) |
| Unit 4: Financial Sector (15%–20%) |
| Unit 5: Inflation, Unemployment, and Stabilization Policies (20%–25%) |
| Unit 6: Economic Growth and Productivity (5%–10%) |
• Topic 1.1 Scarcity, choice, and opportunity costs
• Topic 1.2 Production possibilities curve
• Topic 1.3 Absolute advantage, comparative advantage, specialization, and trade
• Topic 1.4 Demand, supply, and market equilibrium
• Topic 1.5 Determinants of supply and demand
• Topic 1.6 Price controls (price ceilings, price floors, and tariffs)
• Topic 1.2 Production possibilities curve
• Topic 1.3 Absolute advantage, comparative advantage, specialization, and trade
• Topic 1.4 Demand, supply, and market equilibrium
• Topic 1.5 Determinants of supply and demand
• Topic 1.6 Price controls (price ceilings, price floors, and tariffs)
| Unit 7: Open Economy: International Finance (5%-10%) |
• Topic 2.1 Circular Flow, National Income Accounts, and
the Business Cycle
• Topic 2.2 Gross Domestic Product
• Components
• Real vs. Nominal GDP
• Topic 2.3 Inflation
• Measurement and Adjustment
• Price Indices
• Cost of Inflation
• Nominal vs. Real Values
• Demand-Pull vs. Cost Push Inflation
• Topic 2.4 Unemployment
• Definition and Measurement
• Types of Unemployment
• Natural Rate of Unemployment
the Business Cycle
• Topic 2.2 Gross Domestic Product
• Components
• Real vs. Nominal GDP
• Topic 2.3 Inflation
• Measurement and Adjustment
• Price Indices
• Cost of Inflation
• Nominal vs. Real Values
• Demand-Pull vs. Cost Push Inflation
• Topic 2.4 Unemployment
• Definition and Measurement
• Types of Unemployment
• Natural Rate of Unemployment
• Topic 3.1 Aggregate Supply
• Determinants of aggregate supply
• Short-run and long-run analyses
• Sticky versus flexible wages and prices
• Macroeconomic equilibrium
• Topic 3.2 Aggregate Demand
• Determinants of aggregate demand
• Topic 3.2 Multiplier and Crowding-Out Effects
• Topic 3.4 Real Output and Price Level
• Short and long run
• Actual versus full-employment output
• Determinants of aggregate supply
• Short-run and long-run analyses
• Sticky versus flexible wages and prices
• Macroeconomic equilibrium
• Topic 3.2 Aggregate Demand
• Determinants of aggregate demand
• Topic 3.2 Multiplier and Crowding-Out Effects
• Topic 3.4 Real Output and Price Level
• Short and long run
• Actual versus full-employment output
Definition and measurement of economic growth
Investment in human capital
Investment in physical capital
Research and development and technological progress
Growth policy
NOTE: This section on Economic Growth and Productivity is covered
in the following lessons below in Unit 7: Topic 5.7 Public Policy and
Economic Growth.
Investment in human capital
Investment in physical capital
Research and development and technological progress
Growth policy
NOTE: This section on Economic Growth and Productivity is covered
in the following lessons below in Unit 7: Topic 5.7 Public Policy and
Economic Growth.
Balance of payments accounts
Balance of trade
Current account
Financial account (formerly called capital account)
Foreign exchange market
Demand for and supply of foreign exchange
Exchange rate determination
Currency appreciation and depreciation
Exchange rate policies
Inflows, outflows and restrictions
Net exports and capital flows
NOTE: You DO NOT have to work on all of the FRQs inside the links
below, but it will help if you work through a few of them inside each
section.
Balance of trade
Current account
Financial account (formerly called capital account)
Foreign exchange market
Demand for and supply of foreign exchange
Exchange rate determination
Currency appreciation and depreciation
Exchange rate policies
Inflows, outflows and restrictions
Net exports and capital flows
NOTE: You DO NOT have to work on all of the FRQs inside the links
below, but it will help if you work through a few of them inside each
section.
Unit 5: Long-Run Consequences of Stabilization Policies
• Topic 5.1 Fiscal and Monetary Policy Actions in the Short Run
• Topic 5.2 The Phillips Curve
• Topic 5.3 Money Growth and Inflation
• Topic 5.4 Government Deficits and the National Debt
• Topic 5.5 Crowding Out
• Topic 5.6 Economic Growth
• Topic 5.7 Public Policy and Economic Growth
• Topic 5.1 Fiscal and Monetary Policy Actions in the Short Run
• Topic 5.2 The Phillips Curve
• Topic 5.3 Money Growth and Inflation
• Topic 5.4 Government Deficits and the National Debt
• Topic 5.5 Crowding Out
• Topic 5.6 Economic Growth
• Topic 5.7 Public Policy and Economic Growth
• Topic 4.1 Financial Assets
• Topic 4.2 Nominal v. Real Interest Rates
• Topic 4.3 Definition, Measurement, & Functions of Money
• Topic 4.4 The History of Banking and the Expansion of the Money Supply
• Topic 4.5 The History of the Money Market and Money Market Graph
• Topic 4.6 The Current Monetary Policy (2008 - Present)
• Topic 4.7 The Loanable Funds Market
NOTE: Present Value and Future Value of Money is NOT covered. It will be
your responsibility to research these two topics and formulas for your CLEP®
exam.
• Topic 4.2 Nominal v. Real Interest Rates
• Topic 4.3 Definition, Measurement, & Functions of Money
• Topic 4.4 The History of Banking and the Expansion of the Money Supply
• Topic 4.5 The History of the Money Market and Money Market Graph
• Topic 4.6 The Current Monetary Policy (2008 - Present)
• Topic 4.7 The Loanable Funds Market
NOTE: Present Value and Future Value of Money is NOT covered. It will be
your responsibility to research these two topics and formulas for your CLEP®
exam.
Make sure you order your $10 copy of a practice CLEP exam from The College Board.
It will give you an idea if you are ready to pass the exam.
https://store.collegeboard.org/product/list?query=principles%20of%20macroeconomics
It will give you an idea if you are ready to pass the exam.
https://store.collegeboard.org/product/list?query=principles%20of%20macroeconomics
Sign My Guestbook if you thing the work you received for "FREE" was worth
my time. Thank you.
https://reffonomics.com/guestbook2025.html
my time. Thank you.
https://reffonomics.com/guestbook2025.html