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A complete principles of macroeconomics course, built from the 21 chapters of OpenStax Principles of Macroeconomics 3e plus its appendices on graphs and the expenditure-output model. It opens with scarcity, opportunity cost and the supply and demand model, then measures the whole economy: GDP, real versus nominal values, economic growth, unemployment and inflation. The middle of the course builds the aggregate demand and aggregate supply model and contrasts the Keynesian and neoclassical perspectives, with the Phillips curve and the expenditure multiplier. The last units cover money and banking, the Federal Reserve and monetary policy, exchange rates and capital flows, government budgets and fiscal policy, the effects of government borrowing, macroeconomic policy around the world, and international trade and protectionism. Every calculation (GDP components, the GDP deflator, the rule of 70, unemployment and inflation rates, the money multiplier, the expenditure multiplier, exchange-rate conversions) is a typed card whose answer was recomputed by script. Cards are text only: every graph is described as a scenario, and dated figures carry their year.
Copied straight from the course. In the app, each wrong option also gets its own explanation.
Card 1How do you get real GDP from nominal GDP?
Divide nominal GDP by the price index as a decimal. You divide nominal GDP by the index, as a decimal.
Card 2The reserve ratio is 5 percent. What is the money multiplier?
20. Multiplier = 1 / 0.05 = 20.
Card 3The stock market surges and households feel wealthier. What happens to aggregate demand?
AD shifts right as wealth and spending rise. Higher wealth raises consumption, so AD moves right, raising real GDP and the price level.
Yes. Create a free Encodr account and all 21 units and 1,270 cards are yours to study, with spaced repetition scheduling your reviews.
OpenStax Principles of Macroeconomics 3e (all 21 chapters plus the graphs and expenditure-output appendices, CC BY-NC-SA) and standard introductory definitions. The cards are rewritten, not copied.
Scarcity and choice, supply and demand, GDP, economic growth, unemployment, inflation, trade balances, aggregate demand and supply, the Keynesian and neoclassical perspectives, money and banking, monetary policy, exchange rates, fiscal policy, government borrowing, policy around the world, and international trade.
Yes. GDP by expenditure, real GDP and the deflator, the rule of 70, unemployment and inflation rates, the money multiplier, the expenditure multiplier and exchange-rate conversions are typed practice cards, and every answer was recomputed by script.
No. Cards are text only, so the AD/AS model, the Phillips curve and the foreign-exchange market are described as scenarios in words, and the rules are stated in each chapter's notes card.