Using AD and AS curves determine how an increase in the government's ability to improve infrastructure would help reduce recession in the economy?
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- Hayek says that markets will heal themselves and that government should not intervene. How does the AD-AS model reflect Hayeks idea that governments cannot increase real GDP beyond the level that the free market economy is able to produce?Hayek says that markets will heal themselves and that government should not intervene. How does the AD-AS model reflect Hayek’s idea that governments cannot increase real GDP beyond the level that the free market economy is able to produce? Do you believe that the Hayek’s classical AD-AS model explain the factors that cause changes (shifts) in AS realistically? Why or why not?Identifying periods of economic growth and recession using the AD/AS models.
- What happens when firms and workers underestimate future prices in the economy. On what would happen to actual output as opposed to the expected potential output.Question about econometrics: How to transform AR model into the ADF model?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 diagram
- What is the importance of the J-curve in macroeconomics?what do you see as the top 3 major drivers that will influence the performance of the global economy over the next twenty years? Why?Using the AD-AS framework, demonstrate the impacts of spending on infrastructure and a tax cut on output and inflation in the short- run.
