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modern principles of economics

Questions and Answers of Modern Principles Of Economics

Determine whether each of the following belongs on the asset side or the liability side of the balance sheet identified in parentheses.a. $20,000 loan for a new automobile (balance sheet for an
Use FRED (http://research.stlouisfed.org/fred2/categories), which stands for Federal Reserve Economic Database, “Money, Banking, and Finance,” to locate monetary data for M1 money and M2
Search for the “World Economic Outlook Database”on the internet and locate the most recent version.Use this database to select inflation data (units of percentage change) for Germany, Japan, and
What does it mean to say that foreign currency can be a store of value but not a medium of exchange?
What is a financial bubble? Give some examples, and explain some of th causes of financial bubbles.
What are “pooled funds”? Describe two different kinds of pooled funds. What is the primary advantage of the pooling process?
What is meant by leverage? What are its advantages, and its dangers?
What characteristics are needed to make commodity money effective?
Draw up and explain the components of a balance sheet for a private bank.
Describe at least two measures of money.
Describe at least three different types of money.
Describe the three roles played by money.
Describe three scenarios that could describe economies in very different situations, with regard to their banking systems and price (in)stability.
What is crowding out? How specifically does crowding out happen? Explain. What is crowding in?
What is a cyclical deficit? What is a structural deficit? How are they different?
What are some of the advantages and disadvantages of discretionary fiscal policy? Give some examples of the use of discretionary fiscal policy.
What is meant by an automatic stabilizer? Give some examples of economic institutions that function as automatic stabilizers.
How is the federal budget surplus or deficit defined?How has the federal budget position varied in recent years?
Give some examples of expansionary and contractionary fiscal policy.
What is the impact of a lump-sum change in taxes on aggregate demand and economic equilibrium?How does it differ from a change in government spending?
What is the impact of a change in government spending on aggregate demand and economic equilibrium?
What is “the income/spending multiplier”? Explain why a drop in autonomous intended investment, or in autonomous consumption, leads to a much larger drop in equilibrium income.
Does a macroeconomy’s being “in equilibrium”always mean it is in a good state? Why or why not?
Describe how adjustment to equilibrium occurs in the Keynesian model.
Draw a “Keynesian cross” diagram, carefully labeling the curves and the equilibrium point.
Do firms always end up investing the amount that they intend? Why or why not?
What determines aggregate demand in the Keynesian model? Draw and label a graph.
What did Keynes think was the most important factor in determining investment behavior?
Why isn’t the interest rate included in the Keynesian consumption function?
List five factors, aside from the level of income, that can affect the level of consumption in a macroeconomy.
How did Keynes model consumption behavior?Draw and label a graph.
Describe how the problem of leakages is solved in the classical model.
Describe the classical market for loanable funds.Who are the actors, and what do they each do?
How can an increase in saving (if not balanced by an increase in intended investment) cause a shrinkage of the output-income-spending flow?
Saving is described as a “leakage” from the circular flow. How is it a leakage?
What conditions comprise equilibrium in a macroeconomy?
What is the definition of aggregate demand? How does it differ from measured GDP?
In the model laid out in this chapter, who receives income? Who spends? Who saves?
During the 1930s, how did economists’ opinions about the Great Depression differ?
During a business-cycle recession, which of the following typically rises: the level of output, the unemployment rate, or the inflation rate?
How can the price and availability of natural resources affect prevailing wage rates?
What is skill-biased technical change?
How can changes in technology affect prevailing wage rates?
What has been the relationship between labor productivity and median wages in the United States since World War II?
What are “efficiency wages,” and why might payment of them lead to unemployment?
What are some reasons that wages might be“sticky”?
Describe how “sticky wages” could lead to unemployment.
What are some of the reasons that an economy might offer less than the optimal number of jobs, according to classical theory?
Describe the classical theory of unemployment.
What is the relationship between the average duration of unemployment and the unemployment rate?
What policies may be used to combat frictional and structural unemployment?
List and describe the three types of unemployment.
How can high levels of unemployment be explained in the Keynesian model?
What is the labor force participation rate and how is it calculated? How has it changed in recent decades for men and women in the United States?
What does employment flexibility mean from the perspective of workers? From the perspective of employers?
What are marginally attached workers? Discouraged workers?
How is the unemployment rate calculated?
What makes a person count as “unemployed”?
What questions are asked to determine whether someone is “employed”?
What population is included in the official household survey that measures employment and unemployment?
What trend was emphasized in the chapter concerning retail services?
Summarize the state of health care in the United States.
What is meant by “financialization”? What data suggest the United States has become more financialized in recent years?
Is the service sector synonymous with low-paying jobs?
Are some politicians correct when they say that American manufacturing jobs have been shifted overseas?
Contrast the recent history of the American textile and automobile industries.
Why does the number of new housing starts in the United States show a cyclical pattern?
What is the largest source of energy in the United States?
Does the declining share of the primary sector imply that it is becoming less important?
Summarize how agriculture in the United States has changed over the past century. About how much of each dollar spent on food currently goes to farmers?
What are some of the potential future natural resource constraints on economic activity?
How do “technological optimists” view the debate about natural resource constraints?
Approximately what percentage of the U.S. GDP is produced in each of the three sectors? How has this allocation changed over time?
List and define the three major sectors of the U.S.economy, as discussed in this chapter.
What is the maintenance-cost approach to estimating the value of environmental services?
What is the damage-cost approach to estimating the value of environmental services?
What are the potential problems with estimating environmental impacts in monetary terms?
What is environmentally adjusted net domestic product?
What are the three main functions of natural systems?
What is the difference between the replacement-cost method and the opportunity-cost method for valuing household production?
What are some examples of household production?
What is the Human Development Index?
What is the Better Life Index?
What is the relationship between GDP per capita and GPI per capita in the United States over the past several decades?
What is the Genuine Progress Indicator (GPI), and how is it measured?
What are some of the main critiques of GDP as a measure of well-being?
Do average levels of SWB increase as a country develops economically?
Based on the scientific research, what is the relationship between the average level of SWB in a country and its GDP per capita?
What is subjective well-being (SWB), and how is it commonly measured?
What are satellite accounts?
What are the two major contexts for economic activity?
Explain how a country can finance an excess of imports over exports.
Explain how savings, investment, and trade are related in the national accounts.
Is there only one kind of price index? Explain.
Describe the reasoning behind the “constantweight”method traditionally used in estimating the price indexes.
What are some problems with the “constant-dollar”approach to calculating real GDP?
Describe the reasoning behind the “constant-dollar”approach to calculating real GDP.
What are the major differences between GDP and national income?
Describe the components of GDP according to the spending approach.
Describe the components of GDP according to the product approach.

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