Which of the following was a common 1970s policy response to economic shocks? a. Creating a social welfare safety net. b. Printing huge quantities of money. c. Erecting trade barriers that are still in place today. d. Borrowing heavily and spending that money on large projects
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Which of the following was a common 1970s policy response to economic shocks?
a. Creating a social welfare safety net.
b. Printing huge quantities of money.
c. Erecting trade barriers that are still in place today.
d. Borrowing heavily and spending that money on large projects
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Solved in 3 steps
- Explain what will happen in a nation that tries to solve a structural unemployment problem using expansionary monetary and fiscal policy. Draw one AD/AS diagram, based on the Keynesian model, for what the nation hopes will happen. Then draw a second AD/AS diagram, based on the neoclassical model, for what is more likely to happen. Is it possible to protect workers from being fired without distorting the labor market?Which one of the following shocks can decrease prices and cause unemployment to rise? a) decrease in private investment expenditures b) increase in consumption expenditures c) decrease in interest rates d) increase in exportsExplain what will happen in a nation that tries to solve a structural unemployment problem using expansionary monetary and fiscal policy. Draw one AD/AS diagram, based on the Keynesian model, for what the nation hopes will happen. Then draw a second AD/AS diagram, based on the neoclassical model, for what is more likely to happen.
- Which statement about the economic crisis of the 1970s is INCORRECT? A. American manufacturing was in decline because U.S. manufacturing plants were old and inefficient compared to newer German and Japanese ones. B. A major economic problem was stagflation a combination of high inflation with a stagnant economy with high unemployment C. Rapid inflation was caused by the deficit spending on the Vietnam War and social programs of the Great Society. D. Low interest rates near 20% which artificially inflated the value of the U.S. dollar causing a major trade imbalance.What should a country do to push the country out of the Keynesian zone? a. Increase aggregate supply b. Decrease aggregate supply c. Decrease aggregate demand d. Increase aggregate demandDuring global recession, cite some good measures that our government can undertake to augment its present revenue to be able to finance its programs and project for development.
- The term Great Depression refers to the greatest and longest economic recession in modern world history. The Great Depression ran between 1929 and 1941. Critically discuss this statement, inclusive of what was the factors caused this depression and how the countries respond to those economic shocks?Analyze the economic forecast data for the three countries. Which country has the most challenging economic environment, and why? A. Brazil has the most challenging economic environment due to its relatively low GDP growth, coupled with the highest unemployment rate among the options. B. The United Kingdom has the most challenging economic environment because their inflation rate is anticipated to undergo the most significant decrease among the options. C. The United States has the most challenging economic environment due to having the lowest inflation rate among the options.Which of the following may result from inflation in the domestic economy?Select one:a. Positive impact on BOP b. Increasing Incomesc. Cheaper Importsd. Cheaper Exportse. Falling prices
- Which of the following is correct?A. Nominal GDP uses the price level from the benchmark year to adjust for inflation / deflation.B. According to Doug Irwin, the 'limit to globalization' arises due to the large size of the service sector. C. Conventional (non-PPP adjusted) GDP per capita overstates the true extent of income levels of poorercountries.D. Small countries tend to have small openness (i.e., (exports+imports)/GDP).E. Ad valorem equivalent of specific tariffs are not affected by inflation / deflation.Why do leaders of less-developed countries often run very large deficits and print entirely too much money creating excessive inflation, even though they are aware of the consequences of their policies? How might these inflationary policies damage these countries chances for growth and development?Increased inflation during the 1970s was due primarily to quizlet a. increased government spending on the Vietnam War and President Johnson's social programs b. decreased government spending on the Vietnam War and President c. Johnson's social programs c. higher oil prices d. none of the above