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ECO342Social Sciences3 Unitsintermediate

Macro-Economic Theory Ii

This course, Macroeconomic Theory II (ECO 342), is designed for third-year economics students. It provides an in-depth understanding of macroeconomic theory and practice, covering topics such as national income accounting and determination, aggregate saving, consumption, investment, employment, money supply, inflation, unemployment, and balance of payments theory. The course aims to equip students with critical thinking skills to evaluate economic arguments and understand the roles of macroeconomic thought in guiding current economic policies.

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150h
Study Time
13
Weeks
12h
Per Week
intermediate
Math Level
Course Keywords
National IncomeMoney SupplyInflationUnemploymentBalance of Payments

Course Overview

Everything you need to know about this course

Course Difficulty

Intermediate Level
Builds on foundational knowledge
65%
intermediate
📊
Math Level
Moderate Math
📖
Learning Type
Theoretical Focus

Course Topics

Key areas covered in this course

1

National Income Accounting

2

Aggregate Expenditure

3

Money Supply and Demand

4

Inflation and Deflation

5

Unemployment

6

International Trade

7

Balance of Payments

8

Exchange Rate Systems

Total Topics8 topics

Requirements

Knowledge and skills recommended for success

ECO301 (Principles of Economics)

💡 Don't have all requirements? Don't worry! Many students successfully complete this course with basic preparation and dedication.

Assessment Methods

How your progress will be evaluated (3 methods)

Assignments

Comprehensive evaluation of course material understanding

Written Assessment

Tutor-Marked Assessments

Comprehensive evaluation of course material understanding

Written Assessment

Final Examination

Comprehensive evaluation of course material understanding

Written Assessment

Career Opportunities

Explore the career paths this course opens up for you

Economist

Apply your skills in this growing field

Financial Analyst

Apply your skills in this growing field

Policy Analyst

Apply your skills in this growing field

Market Research Analyst

Apply your skills in this growing field

Investment Banker

Apply your skills in this growing field

Industry Applications

Real-world sectors where you can apply your knowledge

BankingFinanceGovernmentConsultingResearch

Study Schedule Beta

A structured 13-week journey through the course content

Week
1

Module 1: National Income Models

2h

Unit 1: National Income Model

2 study hours
  • •Define national income and its relationship to national dividend, output, and expenditure.
  • •Understand the classical and Keynesian models of national income determination.
  • •Analyze the interrelationship between aggregate savings, consumption, and investment.
Week
2

Module 1: National Income Models

2h

Unit 2: Determinant of Equilibrium National Income

2 study hours
  • •Examine the determinants of equilibrium national income in an open economy.
  • •Calculate the multiplier effect in an open economy.
  • •Apply numerical analysis to determine national income equilibrium.
Week
3

Module 1: National Income Models

2h

Unit 3: National Income Accounting

2 study hours
  • •Understand the meaning and methods of calculating national income accounting.
  • •Differentiate between income, expenditure, and output approaches.
  • •Calculate GDP, GNP, NDP, NNP, PI, DI, and PCI using numerical data.
Week
4

Module 1: National Income Models

2h

Unit 4: The circular flow, Uses and Problems of National Income

2 study hours
  • •Explain the circular flow of income in two and three-sector models.
  • •Identify the uses of national income data for economic planning.
  • •Discuss the problems encountered in measuring national income.
Week
5

Module 2: Concepts of Money Demand and Supply

2h

Unit 1: The concept of Money Demand and Supply

2 study hours
  • •Define demand and supply of money.
  • •Explain the motives for holding money.
  • •Analyze the determinants of demand and supply of money.
Week
6

Module 2: Concepts of Money Demand and Supply

2h

Unit 2: Some selected theories of Demand for Money

2 study hours
  • •Compare and contrast the Classical, Cambridge, and Keynesian approaches to the demand for money.
  • •Understand the key equations and variables in each approach.
  • •Analyze the policy implications of each theory.
Week
7

Module 2: Concepts of Money Demand and Supply

2h

Unit 3: Central Bank and Money Supply

2 study hours
  • •Describe the historical background of the Central Bank of Nigeria (CBN).
  • •Explain the traditional and developmental functions of the CBN.
  • •Analyze the role of the CBN in controlling money supply in Nigeria.
Week
8

Module 3: Concept of Unemployment

2h

Unit 1: Concept of Unemployment

2 study hours
  • •Define unemployment and differentiate it from underemployment.
  • •Identify and explain the different types of unemployment.
  • •Discuss the meaning of full employment from classical and Keynesian perspectives.
Week
9

Module 3: Concept of Unemployment

2h

Unit 2: Causes and Effect of Unemployment

2 study hours
  • •Identify the causes of unemployment, including recessions, over-regulation, and skills gaps.
  • •Examine the effects of unemployment on individuals and the economy.
  • •Discuss strategies to control unemployment, such as infrastructural development and human capital development.
Week
10

Module 3: Concept of Unemployment

2h

Unit 3: Unemployment in Nigeria

2 study hours
  • •Analyze the historical background of unemployment in Nigeria.
  • •Evaluate the effects of unemployment on the Nigerian economy.
  • •Assess policy controls to combat unemployment in Nigeria.
Week
11

Module 4: Inflation and price level

4h

Unit 1: Inflation and price level

2 study hours
  • •Define inflation and differentiate between demand-pull and cost-push inflation.
  • •Explain the causes and effects of inflation on the economy.
  • •Discuss demand management and supply-side policies to control inflation.

Unit 2: Inflation and Deflation

2 study hours
  • •Define deflation and compare it with inflation.
  • •Examine the effects and control of deflation.
  • •Analyze the relationship between deflation and unemployment.
Week
12

Module 4: Inflation and price level

2h

Unit 3: Inflation and Unemployment

2 study hours
  • •Understand the relationship between inflation and unemployment.
  • •Use the Phillips Curve to illustrate the trade-off between inflation and unemployment.
  • •Explain the phenomenon of stagflation and discuss Taylor's Rule and the NAIRU proposition.
Week
13

Final Revision

4h

Final Revision

4 study hours
  • •Review all modules and units.
  • •Work on assignments and prepare for final examination.

This study schedule is in beta and may not be accurate. Please use it as a guide and consult the course outline for the most accurate information.

Course PDF Material

Read the complete course material as provided by NOUN.

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Study Tips & Exam Preparation

Expert tips to help you succeed in this course

1

Create concept maps linking Units 3-5 monetary policy concepts.

2

Practice numerical problems from Units 2 and 3 weekly.

3

Review key assumptions of each national income model (Units 1-4).

4

Focus on definitions and formulas from Units 7-9 inflation/unemployment.

5

Compare and contrast trade theories from Units 13-15.

6

Allocate study time proportionally based on unit weighting in the syllabus.

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