1. Define monetarism and identify monetarist views on the limits of discretionary monetary policy 2. Describe how challenges led to a revision of Keynesian ideas and the emergence of the new classical...

1. Define monetarism and identify monetarist views on the limits of discretionary monetary policy 2. Describe how challenges led to a revision of Keynesian ideas and the emergence of the new classical macroeconomics 3.Interpret measures of long-run economic growth 4.Describe how real GDP has changed over time 5.Explain how real GDP varies across countries