PCM
ECON 2301 MACROECONOMICS
Chapter 12
Below you will find the learning objective, concept, idea, term,
or theory that each question on the exam will cover. The numbers in the list
refer to the question number on Exam 3 that will test your knowledge of that
specific learning objective. Each of these topics/learning objectives is
discussed in the textbook in the order that they are listed below. A much better understanding can often be attained by
working through the "active graphs" and "smart graphs"
connected to many of these objectives in the online material.
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After reading Chapter 12, you should be able to:
- Discuss the sources of economic growth. (Sections 2.2 and 12.1)
- Discuss the key role of labor productivity in economic growth.
(Section 12.1)
- Describe the role of saving and investment in the process of
capital formation. (Section 12.1)
- Explain how government activity influences market interest
rates, investment, and saving. (Sections 12.1 and 12.2)
- Analyze how taxation affects both saving and investment
activity. (Section 12.2)
- Provide justification for subsidized higher education and for
the protection of property rights. (Section 12.2)
- Summarize new growth theory. (Section 12.3)
- Summarize supply-side economics. (Section 12.4)
- Explain the Laffer curve and its implications. (Section 12.4)
- Define the "New Economy". (Section 12.5)
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