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Q. Macro-economics is perhaps most divisive area of economics when functionalized to political decision making, also macro-economists divide themselves into different schools of contemplation. Two biggest camps are the Keynesians and the Monetarists. Keynesians and post-Keynesians follow the theories of John Maynard Keynes, the most-celebrated economist of the 20th century who proposed that government stabilize the economy with the use of fiscal policy. Monetarists, on another side follow teachings of Friedrich Hayek. For this project do some research on ideas of Keynes and Hayek? Focus on the "big picture" of what their major ideas are and how they have influenced policy makers. Then write a 4 to 5 page paper addressing the following questions:
1. a. Discuss the policies that Keynes as well as Hayek supported regarding how federal government ought to manage economy. What are differences between each school of thought?b. Based on your answer to question #1a, which of 2 economists you agree with most? Explain.
2. Read Case in Point 3: Steering on a Difficult Course in section 17.3 of the online text (link here).a. Why did people believe the difficulties Asian economies were experiencing in 1997-1998 might bring a recessionary gap to the United States?b. In dealing with the recession of 2008 why is it important for the Fed and Congress to coordinate monetary and fiscal policy measures?
3. Compare the rationale of the Reagan administration for the 1981 tax reductions with the rationale behind the Kennedy-Johnson tax cut of 1964, the Bush tax cut of 2001, and the Bush tax cut of 2003.
Caught up in broad social and economic disaster that swept the Mediterranean basin during the twelfth century BCE, what seems to have happened to the civilization of people.
The fact that a percentage of the interest income paid by one corporation is excluded from taxable income has encouraged firms to use more debt financing relative to equity financing.
The impossible trinity refers to the idea that a country can simultaneously pursue only two of the three following policies: free international-capital flows, monetary policy for domestic stabilization, and a fixed exchange rate.
This would be ideal because he would have the same number of pretzels as he would soda leaving no money left to spend.
Show how each of the following would initially affect a bank's assets and liabilities.
A firm that finds it extremely expensive to monitor the output of each worker will likely pay its workers
Do protectionist policies benefit producers, consumers, workers, or the government
Suppose it had begun an expansionary policy early in 1981. What does the text's analysis of the inflation unemployment cycle suggest about how the macroeconomic history of the 1980s might have been changed.
What is the marginal rate of substitution (MRS) and why does it diminish as the consumer substitute's one product for another. Use examples to illustrate.
Which of the government policies below is not likely to encourage per capita economic growth.
Arnett is appearing for a new Web portal to utilize to access information which interests him on Internet.
Hiro Nakamura is CEO of the Cola King Bottling Company, a small regional producer operating in the Pacific Northwest. Nakamura is considering two alternative expansion proposals
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