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- What is Ricardian Model? What are the assumptions of Ricardian Model?
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- What is Say’s Law? How does the notion of equilibrium factor into the classical economic view? What is the Keynesian critique of the classical economic view? Contrast the view of the role of government between the classical and Keynesian economic schools of thought.Why is it difficult in economics to test theories and assumptions compared to the natural sciences? What are the testing methods? How can you test Ricardian Model - whether it holds or not?What is Ricardian Equivalence?
- ASAP compare monetary and fiscal policy in classical and keynesian model. Be preciseHow John meynard keynes idea is different from classicalsCourse: Macroeconomic - IS-LM Model Prove mathematically the following: Given an increase in the proportional tax on income(t), what happens to the level of output and to the tax?" . Hint: for demostration, use the IS general function for a closed economy Y = C + I + G, where C = a + c*YD and YD = Y + TR - Y*t (where t = proportional income tax) and realize changes i.e., from "t1" to "t2"