Macroeconomics
13th Edition
ISBN: 9781337617390
Author: Roger A. Arnold
Publisher: Cengage Learning
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Chapter 10.3, Problem 3ST
To determine
The advocates of the laissez faire and the self regulation of the economy.
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An economist who believes the economy is self-regulating is more likely to advocate laissez-faire than an economist who believes the economy is inherently unstable. Do you agree or disagree, explain your answer using appropriate diagrams.
An economist who believes the economy is self-regulating is more likely to advocate laissez-faire than an economist who believes the economy is inherently unstable. Do you agree or disagree, explain your answer using appropriate diagram
Why does the budget require a forecast of the economy? Under what circumstances would actual government spending and tax revenue fall to match the budget as approved?
Chapter 10 Solutions
Macroeconomics
Ch. 10.1 - Prob. 1STCh. 10.1 - Prob. 2STCh. 10.1 - Prob. 3STCh. 10.2 - Prob. 1STCh. 10.2 - Prob. 2STCh. 10.2 - Prob. 3STCh. 10.3 - Prob. 1STCh. 10.3 - Prob. 2STCh. 10.3 - Prob. 3STCh. 10.4 - Prob. 1ST
Ch. 10.4 - Prob. 2STCh. 10 - Prob. 1QPCh. 10 - Prob. 2QPCh. 10 - Prob. 3QPCh. 10 - Prob. 4QPCh. 10 - Prob. 5QPCh. 10 - Prob. 6QPCh. 10 - Prob. 7QPCh. 10 - Prob. 8QPCh. 10 - Prob. 9QPCh. 10 - Prob. 10QPCh. 10 - Prob. 11QPCh. 10 - Prob. 12QPCh. 10 - Prob. 13QPCh. 10 - Prob. 14QPCh. 10 - Prob. 15QPCh. 10 - Prob. 16QPCh. 10 - Prob. 17QPCh. 10 - Prob. 18QPCh. 10 - Prob. 19QPCh. 10 - Prob. 20QPCh. 10 - Explain how to derive a total expenditures (TE)...Ch. 10 - Prob. 22QPCh. 10 - Prob. 23QPCh. 10 - Prob. 24QPCh. 10 - Prob. 25QPCh. 10 - Prob. 1WNGCh. 10 - Prob. 2WNGCh. 10 - Prob. 3WNGCh. 10 - Prob. 4WNGCh. 10 - Prob. 5WNGCh. 10 - Prob. 6WNGCh. 10 - Prob. 7WNGCh. 10 - Prob. 8WNG
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- How an economist thinks that the economy works—is it self-regulating or not?—influences his opinion of the role government should play in trying to stabilize the economy. Do you agree or disagree? Explain your answer.arrow_forwardThe economist views the budget as a public policy making tool? True or falsearrow_forwardWhy do price levels increase when the government adopts fiscal or monetary policy to correct the economy when it faces a recession and high unemployment?arrow_forward
- Every policy must have two parts. Explain these two parts with examples of each.arrow_forwardWhich of the following is most likely to advocate the use of fine tuning? Supply-siders Classical economists Keynesians Monetarists, Chicago School economists Austrian School economistsarrow_forwardDuring the past five decades, there has been a shift in the composition of the federal budget toward more spending on income transfers and health care and a smaller share for national defense. Does economics indicate that this change will help Americans achieve higher living standards?arrow_forward
- There are five mainstream schools of economic thinking on issues There are five mainstream schools of economic thinking on issues relating to what government can or cannot do with respect to stabilizing the economy. What are these schools and how do they differ on issues concerning unemployment and inflation? There are five mainstream schools of economic thinking on issuesarrow_forwardFocuses on explaning why recessions and depressions occur, as well as offering a policy prescription for minimizing effets. a-Says law b-Phillis law c-Keynessian economics d- Keynes Lawarrow_forwardSuppose the economy has fallen into a severe recession. From a macroeconomic theory point of view which of the following is an appropriate government policy? reduce government spending balance the Federal budget increase government spending on goods and services increase taxes on capital gainsarrow_forward
- From a neoclassical viewpoint, government should focus less on: A. long-term growth. B. controlling inflation. C. aggregate supply. D. cyclical unemployment.arrow_forwardCompared to a New Classical economist, a New Keynesian economist would argue for Multiple Choice a more laissez-faire approach for government. minimal entitlement programs. fewer automatic stabilizer and less discretionary spending. a more active role for government.arrow_forwardExplain how policy makers can perfect their craft for the betterment of societyarrow_forward
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