What is a standardized budget deficit/surplus? How is it different from actual budget deficit/surplus?
How is budget deficit/surplus related to public debt?
What is the approximate percentage of US public debt that is owned by foreigners?
What is the crowding-out effect?
Know the three functions of money.
The components of money supply (M1 and be able to explain how M2 is different from M1 [hint: liquidity])
What backs the dollar?
What gives dollar its value?
What is the Federal Reserve, its structure and functions?
Be able to calculate the money-lending potential of a commercial bank (excess reserves)