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A: A positive statement is one that can be tested and verified and is not based on a value judgment.…
Q: Why do economists sometimes offer conflicting advice to policymaker?
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Q: Draw the circular flow model and in your own words, discuss the operation of capitalism.
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Q: Which school of economic thought was adopted by FDR in the 1930s?
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Q: According to the trilemma, which three macroeconomic policies are mutually inconsistent?
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Q: Who currently favors Milton Friedman’s theories currently?
A: Answer -
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Q: Identify three macroeconomic issues that have been in the news recently.
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Q: State whether the following statement is True or False with reason: Macro economics studies whole…
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Q: Clasify each of the following statements as positive,or normative.Explain.a.Society faces a…
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Q: in economics the central problem is??
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Q: Which worldview makes the most sense?Keynesian perspective or the Neoclassical perspective of…
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Q: the father of classical school of economics was Adam Smith? a. True b. False
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Q: Describe the most valuable theory/concept/ model that you learned from macroeconomics class and…
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Q: Why is it important for a good economic model tomake clear assumptions?
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Q: Explain the importance of the study of "macroeconomics ?
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Q: Write the definition of Macroeconomics with example?
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Q: How are Milton Friedman’s theories applied?
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Q: how macroeconomics uses models?
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Q: What were Milton Friedman’s economic theory’s general principles and who did he advise?
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Discuss the role of positive economics and narrative economies in the policymaking?
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Solved in 2 steps
- Which worldview makes the most sense?Keynesian perspective or the Neoclassical perspective of economics and why?What are the things that we can learned from Adam Smith's Wealth of Nation that related to modern economics and how we can make him as a role model?Assess the importance of Elinor Ostrom’s work for economists?
- What steps are involved in developing and testing an economic theory or model? What are the criteria for a useful theory or model?Can the government make things worse by intervening in markets? Are there other options outside the markets and government that will fix macroeconomic failure?How does a person’s interpretation of macroeconomic history affect his view of macroeconomic policy?
- Why isn’t money considered capital in economics? Which of the following are microeconomic issues? Which are macroeconomic issues? a. How will an increase in the price of Coca-Cola affect the quantity of Pepsi Cola sold? b. What will cause the nation’s inflation rate to fall c. How does a quota on textile imports affect the textile industry? d. Does a large federal budget deficit reduce the rate of unemployment in the economy? Explain the importance of the ceteris paribus assumption for an economic model. Analyze the positive versus normative arguments in the following case. What statements of positive economics are used to support the requiring of airbags? What normative reasoning is used? Should the Government Require Air Bags? Technological advances continuously provide new high-tech options to save lives that add to the price of cars, such as cameras, radar, and airbags. Airbag advocates say airbags will save lives, and the government should require them in all cars.…What sectors of the economy do you believe the government should take an increasing role, and what areas are they involved in you believe they should have a decreasing role? Why? Please back up replies with economic theory.Discuss in detail the two macroeconomic policies and explain how the government applies such policies.
