Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN: 9781305506725
Author: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher: Cengage Learning
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Chapter 11, Problem 10CQ
To determine
Keynesians’ view on sending checks to householders and its effects in the economy.
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During the recession of 2008, Did the US Government take a page of the Keynesian Macro theory to help move the country out of recession? What did they create? Did it work?
Why might a Keynesian Economist argue that a Federal Reserve policy alone will not get us out of a recession? ( explain in full response)
What would a Keynesian likely recommend in response to a recession?
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Economics: Private and Public Choice (MindTap Course List)
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- What is the philosophical, economic essence of Keynesian doctrine or “Keynesianism” that emerged from the experience and attempted explanations of the Great Depression ? What would all Keynesians believe, in order to be “Keynesian?”arrow_forwardIn the Keynesian framework, which of the following events might cause a recession? Which might causeinflation? Sketch AD/AS diagrams to illustrate your answers.a. A large increase in the price of the homes people own.b. Rapid growth in the economy of a major trading partner.c. The development of a major new technology offers profitable opportunities for business.d. The interest rate rises.e. The good imported from a major trading partner become much less expensive.arrow_forwardIn recent years, the US and few developed countries have interest rates falling to very low levels. Explain this situation according to Keynesian theory.arrow_forward
- What are some limitations of the Classical Theory that Keynesian Theory learnt from and tried to fix?arrow_forwardTo fight inflation, a Keynesian economist would: (Select all that apply): A. Increase Taxes B. Decrease Taxes C. Increase Government Spending D. Decrease Government Spendingarrow_forwarddid keynes believe that wages/prices were sticky in general-up and down? or just down?arrow_forward
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