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Draw an IS-LM-FE diagram and an AS - AD diagram, starting at an initial equilibrium point A in both diagrams (where r = ra, Y = Ya, P = Pa. etc.). Now show how the real business cycle (RBC, classical) economists explained the business cycle (recurrent fluctuations in economic activity) and label as point B on both of your diagrams. What was the source of the change in output and refer to the two real world examples that we discussed that are consistent with RBC theory. How do RBC economists explain the recurrent part of business cycles? Finish this first part of your essay by commenting on the role of fiscal and monetary policy in terms of fighting or smoothing out business cycles, typically referred to as discretionary counter-cyclical policy (i.e., do they work? Why or why not?).
In this part of the essay, you are to explain, using the same two diagrams as above (draw two new diagrams), how the Keynesians explain the business cycle (recurrent fluctuations in economic activity). Begin at point A as above and then show how the Keynesians explain the business cycle as a movement to point B. Again, be very clear as to the source of the movement in output (hint - there are many), and refer to two real world examples consistent with your arguments. Now comment on the duration of this movement in economic activity - that is, what determines how long we are away from potential GDP. Finish this part of your essay by commenting on the role of fiscal and monetary policy in terms of fighting or smoothing out business cycles, typically referred to as discretionary countercyclical policy (i.e., do they work? Why or why not?). Which (monetary or fiscal) did Keynes prefer and why?
In discussing whether globalization leads to greater inequality how does Sen argue the apologists for globalization respond to such issue?
Which definition(s) of the money supply include(s) only items which are directly and immediately usable as a medium of exchange?
According to your textbook in the Aggregate Supply (AS) theory an increase in output leads to an increase in the price level. What is the assumed causality?
Suppose the marginal cost curve in the short run first decreases, then reaches a minimum, and then increases. If we are at an output where marginal cost is decreasing, then: A. marginal product must be increasing. B. average variable cost must be d..
Behavioral economists find that people typically follow simplified decision rules rather than engage in the complex calculations imputed.
Describe and answer in economic terms the question, should a company hire temp teachers or hire new teachers?
List the determinants of elasticity of demand (Ed). Explain what each determinant means. Identify two examples from your own personal or professional life that illustrates EACH one of the determinants of elasticity.
Use the information on U.S. real GDP below to calculate real GDP per person for each year. Then use these numbers to compute the percentage increase in real GDP per person from 1987 to 2005.
If private investors and speculators believe that the $0.12 per dirham exchange rate is not sustainable, and the exchange rate should be higher ($0.15 per dirham), what actions are they likely to take?
Explain is low stable inflation also deflation better for the economy.
Calculate the per capita GDP for each country. Which answer is correct?
Demonstrate the effect of contractionary monetary policy in the AS/AD model
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