a. compare monetary and fiscal policy;

b. describe functions and definitions of money;

c. explain the money creation process;

d. describe theories of the demand for and supply of money;

e. describe the Fisher effect;

f. describe roles and objectives of central banks;

g. contrast the costs of expected and unexpected inflation;

h. describe tools used to implement monetary policy;

i. describe the monetary transmission mechanism;

k. explain the relationships between monetary policy and economic growth, inflation, interest, and exchange rates;

j. describe qualities of effective central banks;

l. contrast the use of inflation, interest rate, and exchange rate targeting by central banks;

m. determine whether a monetary policy is expansionary or contractionary;

n. describe limitations of monetary policy;

o. describe roles and objectives of fiscal policy;

p. describe tools of fiscal policy, including their advantages and disadvantages;

q. describe the arguments about whether the size of a national debt relative to GDP matters;

r. explain the implementation of fiscal policy and difficulties of implementation;

s. determine whether a fiscal policy is expansionary or contractionary;

t. explain the interaction of monetary and fiscal policy.