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Classical and Keynesian view of the economy Federal Reserve
1. Delineate the differences between Classical and Keynesian views of the economy. Describe the circumstances that led to the development and dissemination of the Keynesian economic theories. Evaluate each system from a modern perspective with special attention to the strengths and weaknesses inherent in each system to influence macroeconomic factors in the current economic environment. Bring the expansion of societal responsibilities and the globalization of markets into the discussion.
2. Describe the functions of money in our society. How does the money supply influence the macroeconomic goals of price stability, full employment, and economic growth? Describe the major tools the Federal Reserve System uses to influence the money supply.
3. What possibilities exist when government increases its level of spending? Describe the role and effectiveness of monetary and fiscal policy in the achievement of these goals. Include a discussion of the monetary base and the concept of the multiplier in your essay.
4. Describe the evolution and responsibilities of the Federal Reserve System. What circumstances promulgated both the development and composition of the system?
Classify the following utility functions as risk averse, risk neutral or risk seeking and draw the relevant diagrams
Explain why is it that for sellers in a purely competitive marketplace, the price received for each item equals the marginal revenue.
There are many factors might change AD and AS, and equilibrium. Please evaluate the effect of following scenario on the AD curve, AS curve, and accordingly the effect on equilibrium price level and equilibrium GDP/output.
Elucidate tools used to pursue expansionary and contractionary fiscal policy.
Use the following Information on a hypothetical short-run production function to answer questions a-c. Calculate the marginal and average variable product of each unit of labour input.
Elucidate what level of visits will the maximum profit position be. Elucidate what are the profits at this level.
Illustrate what is the optimal cost that the dealer should sell the tire to the customer.
Suppose a monopolistic competitor in long-run equilibrium has a constant marginal cost of $6 and faces the demand curve given in the following table:
Elucidate the mechanisms through which improvements in population health can lead to improvements in income levels.
Describe prison labour and elucidate how it affects different cultures also societies and explain the rise and fall of labour in prisons.
Discuss the short-run movement toward equilibrium in the currency markets in a flexible exchange system.
Illustrate what school of thought would make this suggestion, and how do economists of that school justify that prescription.
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