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Do neoclassical economists tend to focus more on long term
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- Does neoclassical economics focus on the long term or the short term? Explain your answer.If the production conditions in the United States and Japan were to become essentially the same, would the neoclassical model suggest that trade between the two countries would cease? Why or why not? Illustrate your answer with a graph.In a neoclassical model, describe how each of the following developments or measures will impact unemployment:• a rise in income levels for consumers throughout the economy• cheaper imported products• a fall in government spending
- What does potential GDP mean and what does it mean in terms of neoclassical analysis? Please be sure to utilise examples.From a neoclassical view, which of the following is less important? fighting unemployment encouraging long-term growth encouraging more productivity per worker level of potential GDPOne practical limitation of the Classical or Neoclassical model is that it suggests allowing the economy to self-correct in the long run, but recessions may last a very long time. How severe is this problem and why? What is one example?
- Would it make sense to argue that rational expectations economics is an extreme version of neoclassicaleconomics? Explain.Briefly discuss the aggregate supply curve in the neoclassical model, including how the curve is drawn, what it determines, and how it operates over timeWhich one of the following is the best example of someone acting according to the assumptions of the traditional neoclassical model? -Dori studies hard for her test so she can eventually land a great job. -Alenia buys groceries for her sick neighbor out of kindness. -Marc buys a pack of cigarettes out of habit. -Chip buys an exercise machine based on a TV ad, even though research has shown that the machine is ineffective.