What were the key issues involved in the various debates

Reference no: EM133454137

Questions:

1. Congratulations, you've been named the chief Economic Advisor to the President. Following the Covid Crisis of 2020, and as our economy starts to return to growth, there is a great concern about inflation (in particular, runaway inflation).

So, you must choose one or the other- fiscal or monetary policy as the way to control inflation. Which one? What are the issues you have to consider?

2. Think about a world in which there were no international trade. What would be different in your life? Your career?

3. In the 1970's the United States lowered trade restrictions on foreign automobiles. Some were against this, and others for it. Considering only U.S. citizens, who benefitted, and who was hurt (compared to restricted trade with high tariffs)?

4.What were the key issues involved in the various debates about whether or not to "bail out" the big mortgage lenders? Why was it eventually decided that these were "too important" to fail?

5.You read this week about the role of specialization in comparative advantage. Think about that in relation to China and the US. In what does the US have a comparative advantage? In what goods or services does China have a comparative advantage? Would it be practical for the US to produce what China has the comparative advantage in? Why or why not?

Reference no: EM133454137

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