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The Making Of Economic Society - Chapter 7
Twelfth Edition
Robert L. Heilbroner / William Milberg
1. How do you explain the change in political philosophy between the Hoover and the Roosevelt administrations? Does it suggest that economic policies reflect political pressures as much as economic ideas? Or does it show that without new ideas, policy changes are hard to bring about?
2. Why are market structures so important? What policies make sense to you with regard to the U.S. wheat or corn markets? What about the automobile or airplane markets? Why do you (we hope!) choose different policies for each? What about new inventions, such as computers antibiotics, or toothpastes? Is some sort of regulation needed here too? If not, why not?
3. Do you think that government spending is inherently waste-prone, if not necessarily waste-ful? Can wasteful spending also be stimulative? Do the same considerations - and the same responses - apply to corporate spending? How does one measure "waste"?
4. What would invalidate the idea that government spending is a proper and useful policy for a capitalist economy? What would validate it? Does the impact of World War II on the economy provide such a test? Why or why not?
Why might it be difficult for the Fed to formally adopt inflation targeting? Would inflation targeting be a good policy for the Fed in the present economic environment
In using the Taylor Rule as a guideline for monetary policy, what are the pros and cons of using forecasted values of inflation and output rather than observed values of these variables?
Describe the present economic crisis situation in Europe. Why has it been so difficult for the Europeans to find a solution to this problem? Comment on what implications the crisis may have for the rest of the world if Europeans are not able to ag..
Question:. Explain why there are long-term Federal government budget problems. Explain why the base-line forecast of the CBO is misleading.
Question based on Derive and compare demand curve, Derive Ambrose's demand function for peanuts. How does it compare with Johnny's demand curve for peanuts?
Problem based on Utility Function - Problem, Answer and explain the following using a diagram which is completely labeled.
Question based on Laffer Curve : Tax Rate and Tax Revenue, Do raising tax rates necessarily raise tax revenue? What factors affect how tax revenue changes when tax rates change?
Problem - Income Elasticity of Demand, Interpret the following Income Elasticities of Demand (YED) values for the following and state if the good is normal or inferior; YED= +0.5 and YED= -2.5
Question Positive Balance of Payment: "Things will look good for the US if we could just get to where we are consistently running a positive Balance of Payments."
Comment on the effect of a recession on the investment curve (only) and on the level of savings, investment, and the equilibrium real interest rate in the financial crisis that hits United States first starting in fall 2007.
How will a fall in domestic investment affect the trade surplus and net capital outflows in the domestic economy, the trade deficit and capital inflows in the rest of the world.
Banking crises crisis decreases depositors' confidence in the banking system. What would be the effect of a rumor about a banking crisis on checkable deposits in such a country?
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