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Classical and Keynesian view of the economy Federal Reserve
1. Delineate the differences between Classical and Keynesian views of the economy. Describe the circumstances that led to the development and dissemination of the Keynesian economic theories. Evaluate each system from a modern perspective with special attention to the strengths and weaknesses inherent in each system to influence macroeconomic factors in the current economic environment. Bring the expansion of societal responsibilities and the globalization of markets into the discussion.
2. Describe the functions of money in our society. How does the money supply influence the macroeconomic goals of price stability, full employment, and economic growth? Describe the major tools the Federal Reserve System uses to influence the money supply.
3. What possibilities exist when government increases its level of spending? Describe the role and effectiveness of monetary and fiscal policy in the achievement of these goals. Include a discussion of the monetary base and the concept of the multiplier in your essay.
4. Describe the evolution and responsibilities of the Federal Reserve System. What circumstances promulgated both the development and composition of the system?
Prove that a diminishing marginal rate of substitution either implies nor is implied by diminishing marginal utility.
Approx the marketplace demand curve and figure the existing Price elasticity of demand
Plot the wage- setting and price setting equation or a property labelled graph and identity the nature rate of unemployment.
If the government starts welfare policy which pays B to all non workers and 0 to all workers, at what value of B will Mike opt out of the labor force and go on welfare?
According to law of comparative advantage , who should produce wheat and who must produce Cd palyer? Evaluate all relevant opportunity cost.
Suppose you bought a bag of groceries at Food Lion this past September for $46.54. Calculate the price of a similar bag of groceries in 1999 prices if the CPI
Suppose that a less developed country known as LDC encourages direct foreign investment
You have the following information concerning the production of wheat and cloth in the United States and the United Kingdom:
Identify trends or other patterns in inflation within the an economy of your choice over the last five years using quarterly data from the Central Bank or other Government based Statistical agency websites as a source.
Explain how does each of the following affect the aggregate demand curve?
Draw a graph of the UK labour market that shows the demand for labour, the supply of labour, and the real wage rate in 1973 and 2003. Draw a graph of the UK production function in 1973 and 2003. Make sure your graph shows potential GDP in both year..
Draw a graph showing hte above situation. Include in that graph, the monopolist's cost curves, demand and marginal revenue curves and the price and quantities that are indicated by the situation described above.
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