| 1.0 |
The students should be able to explain the fundamentals of economic
analysis, as well as the role and functions of government in a modern mixed
economy. |
| 2.0 |
The students should be able to list the various types of fluctuations
(seasonal, cyclical, trend) and their impact on various groups in society;
describe and analyze how equilibrium levels of national income and output
are determined, as well as their expected imact on the price level. |
| 3.0 |
The students should be able to evaluate methods of demand management,
their shortcomings, and their impact on the deficit. |
| 4.0 |
The students should be able to define the importance of the US monetary
and banking system as well as evaluate alternative macroeconomic theories
and policies. |
| 1.0 |
The students should be able to calculate elasticity and apply the concept
in various demand and supply situations. |
| 2.0 |
The students should be able to describe the analytical basis of consumer
behavior in using goods and services. |
| 3.0 |
The students should be able to determine the theoretical optimum behavior
of the firm as it seeks to maximize total profit in various market models
ranging across the competitive spectrum, from pure competition to pure
monopoly. |
| 4.0 |
The students should be able to describe the basic production theory,
the marginal productivity theory of income distribution, and the relationship
of the latter to theories of rent, wages, interest, and profit. |
| 5.0 |
The students should be able to describe the theories and problems of
international trade, as well as the history and present status of the international
payment system. |