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- Biden will face“arguably the most daunting set of crises any incoming president has encountered in modern times.” What are some of those crises and what makes them so difficult?Identify the arguments in favor of (pro) and opposed to (con) the case of government intervention to stabilize economic cycles. Not all arguments will be placed. - It is not possible to reject evidence in favor of the Phillips curve - Aggregate demand takes time to accommodate interest rate movement - Economist have not been able to correct their overestimation of the multiplier of fiscal policy - Macroeconominst have not been able to accurately measure recessions - There is a well documented set of policies than can attenuate business cycle fluctuations - Householders are well suited to predict early the effects of monetary policyAn important similarity between the Keynesian model and theAD/ASmodel is that:in both models, prices change when there is a change in spending.both models allow for government intervention in the short run.both models predict that the economy will move towards full employment automatically.in both models, the price level stays constant when there is a change in spending.in both models real GDP stays constant when there is a change in spending.The best definition of government debt is:the difference between government spending and tax revenue in any one year.itâs always larger than the government deficit.the amount the government spends in any one year.all the money the government owes at any point in time.increasing when the government runs a surplus.The total value of Treasury bonds (T-bonds) in existence at any point in time is:the federal government spending deficit.the trade deficit.less than government spending.necessarily less than GDP.the national debt.If…
- Suppose that the government decreases spending more than is necessary to close an inflationary gap. What is the MOST likely result? Inflation will increase. The price level will increase. Aggregate output will fall short of potential output. Aggregate output will increase.if tobin q is greater than one , then the stock market value installed capital at more tha its cost to replace. this creates an incentive to invest, because managers can raise the market value of the firms stock by selling more capital true or false“Anytime it is snowing when Joe Commuter gets up inthe morning, he misjudges how long it will take him todrive to work. When it is not snowing, his expectationsof the driving time are perfectly accurate. Consideringthat it snows only once every ten years where Joe lives,Joe’s expectations are almost always perfectly accurate.”Are Joe’s expectations rational? Why or why not?
- Please match each description with the appropriate approach to federal finance. Policymakers should reduce spending and increase taxes when the economy is growingin order to prevent "overheating". This approach was considered conventional wisdom until the advent of theGreat Depression. Policymakers should focus on keeping unemployment low and providing the peoplewith the public goods and services they want. If insisted upon, this approach would only worsen the economy during a recession. This approach ignores the impact of the budget on the business cycle.True or False. The RBC (Real Business Cycle)model satisfies both welfare theorems, so the decentralized and centralized solutions will be identical.what are the differences in debt sustainability under the heterodox/MMT and Neoclassical/orthodox approaches?
- Could opening up the economy result in a worst wave and how can policiesimpact this?Suppose three economies are hit with the same temporary negative supply shock. In country A, inflationinitially rises and output falls; then inflation risesmore and output increases. In country B, inflationinitially rises and output falls; then both inflation andoutput fall. In country C, inflation initially rises andoutput falls; then inflation falls and output eventually increases. What type of stabilization approach dideach country take?The existence of a recession or economic expansion can be directly assessed using the... a) Neo Classical Synthesis b) Neo Keynesian Synthesis c) New Neoclassical Synthesis d) New Keynesian e) New Classic