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How do propensities and multipliers, and even expectations affect the outcomes in a downturn
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- What happens when firms and workers underestimate future prices in the economy? Explain the answer while focusing on what would happen to actual output as opposed to the expected potential output.Using the AD/AS model construct two graphs that show how a recession can occur? Explain how discretionary fiscal or monetary policies can be used to moved the economy out of recession?What happens when firms and workers underestimate future prices in the economy? Focus your answer on what would happen to actual output as opposed to the expected potential output. (Course is macroeconomics).
- Explain why economic fluctuations happen according to Keynesians. Why do expansions happen, and recessions?Using the AD/AS model, show how fear of a recession is expected to affect an economy experiencing too much inflationHow does the self-correcting mechanism act to pull the economy out of a recession?
- Policymakers who can influence AD cannot offset the adverse effects of a recession due to a fall in AS’. Do you agree with this statement? Explain the answer in words and using an AD-AS diagramWhy might “belt-tightening” by consumers in a recession be unwelcome?If new government regulations require firms to use a cleaner technology that is also less efficient than what they previously used, what would the effect be on output, the price level, and employment using the AD/ AS diagram?
