1 | Explain macroeconomic concepts and the relationships among them |
2 | Explain relationships among macroeconomic variables such as gross domestic product, unemployment, inflation, recession and expansion, budget deficit, interest rate, export and import, trade balance, economic fluctuations |
3 | Construct macroeconomic models and use these models to analyse the effects of macroeconomic policies on the macroeconomic variables. |
4 | Explain the effects monetary and fiscal policy in the short and long run on the macroeconomic variables |
5 | Evaluate and foresee the outcome of monetary and fiscal policy |
6 | Explain what determines exchange rates |
7 | Express how the interest rate is determined and changed in the economy in a open and closed economies. |
8 | Use an aggregate demand and aggregate supply macroeconomic model to interpret the effect of economic shocks on inflation and output |