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Introduction to Macroeconomics: The Big Picture
Discussing the ideas of John Maynard Keynes and Milton Friedman.
Please address the following questions:
1. Compare and contrast the way Keynes and Friedman approach the economy. What are the key differences and similarities?
2. If Keynes argues for a role for government policies in the economy what is that role and why does Friedman argue against it?
3. Based on the ideas, explain with which of the two economists do you agree more and explain why.
Illustrate hat are the positives and negatives of protectionist trade policies on the part of the federal government.
Consider economy that is above full-employment equilibrium (natural rate of output) because of an increase in AD. Prices of productive resources have'nt changed. With the help of graph
Draw marginal revenue function for this firm. What is the profit-maximizing price for this firm? On the graph describe the area, this represents the net loss to society resulting from the monopoly power conferred by the patent.
write down the paper only to give a substantive feedback based on accounting concepts relative to price management
Suppose that a less developed country known as LDC encourages direct foreign investment
Draw a graph describing the demand and supply curves before and after the tax. describe graphically the tax revenue and how it is shared between the consumers and suppliers (producers) of gasoline.
Assume Smith owns and works in a bakery located next to an outdoor cafe owned by Jones. The patrons of the outdoor cafe like the smell that emanates from the bakery.
Illustrate what is the elasticity of demand for the product that is produced by the company.
Explicidate key macroeconomic variables which affect your industry.
Elucidate why the $5.15 minimum wage in New Jersey likely has less of a detectable impact on employment.
There has been some speculation that tax deductions like as the one allowed for interest on home mortgages will be eliminated or altered.
Explain why would you expect the inflation rate to accelerate if the actual unemployment rate declined.
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