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survey of economics

Questions and Answers of Survey Of Economics

=+What are some examples of such policies?
=+b. Which type of fiscal policy—expansionary or contractionary—would move the economy of Albernia to potential output, Yp?
=+ 3. Is the dey lepth of a recession a good or a bad time to undertake an energy project? Why or why not
=+What does the Solana case tell us about this issue?
=+ 2. In the chapter we talked about the problem of lags in discretionary fiscal policy.
=+ ‘What does the case tell us about how to assess the value of a fiscal stimulus project?
=+1. How did the political reaction to government funding for the Solana project differ from the reaction to more conventional government spending projects such as roads and schools?
=+ 3, Explain how a contractionary fiscal policy like austerity can make it more likely that a government is unable to pay its debts.
=+Explain the trade-off of short-run versus long-run objectives that policy makers face when deciding whether or not to engage in deficit spending.
=+2. Suppose the economy is in a slump and the current public debt is quite large.
=+d. Government borrowing to pay interest on its current public debt
=+c. A decrease in tax revenue
=+b. Retirees live longer
=+a, Ahigher growth rate of real GDP
=+Explain how each of the following events would affect the public debt or implicit liabilities of the U.S. government, other things equal. Would the public debt or implicit liabilities be greater or
=+1 Why is the cyclically adjusted budget balance a better measure of whether government policies are sustainable in the long run than the actual budget balance?
=+Which country will experience greater variation in real GDP in response to demand shocks, positive and negative? Explain
=+The neighboring country of Moldovia has generous unemployment benefits and a tax system in which residents must pay a percentage of their income.
=+3. The country of Boldovia has no unemployment insurance benefits and a tax system using only lump-sum taxes.
=+“When the government expands, the private sector shrinks; when the government shrinks, the private sector expands.”
=+ 3, Is the following statement true or false? Explain.
=+c. The federal tax on gasoline is increased.
=+b. The number of weeks an unemployed person is eligible for unemployment benefits is increased.
=+a, Several military bases around the country, which together employ tens of thousands of people, are closed.
=+1. Meach of the following cases, determine whether the policy is an expansionary or contractionary fiscal policy.
=+ Why cana large public debt and implicit liabilities of the government be a cause for concern?
=+ Why do governments calculate the cyclically adjusted budget balance?
=+ Why does fiscal policy have a multiplier effect and how is this effect influenced by automatic stabilizers?
=+ Which policies constitute expansionary fiscal policy and which constitute contractionary fiscal policy?
=+What is fiscal policy and why is it an essential tool in managing economic fluctuations?
Determine which curve is involved and the direction of the change.
=+ Determine which curve is involved and the direction of the change.
=+16. In each of the following cases, in the short run, determine whether the events cause a shift of a curve or a movement along a curve.
=+price level. Explain this experience using aggregate demand and aggregate supply curves. Illustrate with a diagram.Interactive step- help with this problem can be found online.
=+15. The late 1990s in the United States were characterized by substantial economic growth with low inflation; that is, real GDP increased with little, if any, increase in the aggregate
=+ Use a diagram that shows the effect of policies chosen to address the change in real GDP. Use another diagram to show the effect of policies chosen to address the change in the aggregate price
=+b. What fiscal or monetary policies can the government use to address the effects of the supply shock?
=+What is this phenomenon known as?
=+a. How do the aggregate price level and aggregate output change in the short run as a result of the oil shock?
=+14, In the accompanying diagram, the economy is in long-run macroeconomic equilibrium at point & when an oil shock shifts the short-run aggregate supply curve to SRAS). Based on the diagram, answer
=+accompanying diagram. Based on the diagram, answer the following questions.
=+13. The economy is in short-run macroeconomic equilibrium at point £, in the
=+c. There is an increase in government spending.
=+b. There is an increase in the quantity of money.
=+a. There is an increase in taxes on households.
=+economy from one long-run macroeconomic equilibrium to another. Illustrate with diagrams. In each case, what are the short-run and long-run effects on the aggregate price level and aggregate output?
=+12. Using aggregate demand, short-run aggregate supply, and long-run aggregate supply curves, explain the process by which each of the following government policies will move the
=+b. The government lowers taxes, leaving households with more disposable income, with no corresponding reduction in government purchases.
=+ from one long-run macroeconomic equilibrium to another. Illustrate with diagrams. In each case, what are the short-run and longrun effects on the aggregate price level and aggregate output?
=+ 11. Using aggregate demand, short-run aggregate supply, and long-run aggregate supply curves, explain the process by which each of the following economic events will move the
=+the effect of the two shocks on real GDP and the aggregate price level (increase, decrease, or indeterminate)?
=+d. Compare the equilibrium points E; and £; in your diagram for partc. What was
=+ Redraw the diagram from part b to illustrate the effect of this shock by shifting the appropriate curve. Label the new equilibrium point £3, the equilibrium quantity Y3, and equilibrium price P3.
=+in the 12 months between January 2007 and January 2008. Would the fall in home prices cause a supply shock or demand shock?
=+shifting the appropriate curve. . The Housing Price Index, published by the Office of Federal Housing Enterprise Oversight, calculates that U.S. home prices fell by an average of 3.0%
=+$92.93 on December 28, 2007. Would an increase in oil prices cause a demand shock or a supply shock? Redraw the diagram from part ato illustrate the effect of this shock by
=+b. Data taken from the Department of Energy indicate that the average price of crude oil in the world increased from $54.63 per barrel on January 5, 2007, to
=+the equilibrium point £j, the equilibrium quantity ¥;, and equilibrium price P,.
=+AD-AS framework.a. Draw typical aggregate demand and short-run aggregate supply curves. Label the horizontal axis “Real GDP” and the vertical axis “Aggregate price level.” Label
=+recession of 2007-2009. One shock was related to oil prices; the other was the slump in the housing market. This question analyzes the effect of these two shocks on GDP using the
=+10. There were two major shocks to the U.S. economy in 2007, leading to the severe
=+ If it is above potential output?
=+c. How should the government respond to this news if the economy is below potential output?
=+“Aageregate price level” and the horizontal axis “Real GDP.” Assume that all other major macroeconomic factors remain unchanged.
=+b. Explain your answer to part a with the help of the AD-AS model. Draw a typical diagram showing two equilibrium points (£,) and (E). Label the vertical axis
=+December. The Index now stands at 113.7 (1985 = 100), up from 109.4 in November.”
=+track the state of the economy. A press release by the Board ‘on December 27, 2016, stated: “The Conference Board Consumer Confidence Index®, which had increased considerably in November,
=+ 9. The Conference Board publishes the Consumer Confidence Index (CCI) every month based on a survey of 5,000 representative U.S. households. It is used by many economists to
=+ Explain how Wageland will move from one short-run macroeconomic equilibrium to another. Illustrate with a diagram.
=+8. In Wageland, all workers sign annual wage contracts each year on January 1. In late January, a new computer operating system is introduced that increases labor productivity dramatically.
=+a. The government reduces the minimum nominal wage.
=+7. Explain whether the following government policies affect the aggregate demand curve or the short-run aggregate supply curve and how.
=+your most preferred to least preferred type of shock: positive demand shock, negative demand shock, positive supply shock, negative supply shock. How would you rank them and why?
=+6. Suppose that the economy is currently at potential output. Also suppose that you are an economic policy maker and that a college economics student asks you to rank, if possible,
=+ Will it still slope downward? Explain.
=+What happens to the slope of the aggregate demand curve?
=+aggregate price level rises from P, to P). How will aggregate supply adjust in the short run and in the long run to the increase in the aggregate price level? Illustrate with a diagram.
=+ the wage specified in their annual contract. This year, prices of final goods and services fall unexpectedly after the contracts are signed. ‘Answer the following questions using a diagram and
=+3. Suppose that in Wageland all workers sign annual wage contracts each year on January 1. No matter what happens to prices of final goods and services during the year, all workers
=+demanding more in response to a lower price. You, however, insist that this represents a rightward shift of the aggregate demand curve. Who is right? Explain.
=+result, foreigners demand more American aggregate output. Your study partner says that this represents a movement down the aggregate demand curve because foreigners are
=+1. A fall in the value of the dollar against other currencies makes U.S. final goods and services cheaper to foreigners even though the U.S. aggregate price level stays the same. As a
=+levels in history; car sales also declined. Explain why. (Hint: Examine the connection between inflation and interest rates on loans.)
=+3. In the 1970s, Toyota was able to increase its American sales despite interest rates on auto loans surging as high as 17.5%. In contrast, after 2007, auto loan rates fell to their lowest
=+2. What does this say about the causes of the recessions in each case?
=+Why do you think gas prices rose in the recessions of the 1970s but fell after the Great Recession?
=+Explain the reasoning behind each one of these views in terms of the AD-ASmode
=+ 2. In 2008, in the aftermath of the collapse of the housing bubble and a sharp rise in the price of commodities, particularly oil, there was much internal disagreement within the Fed about how to
=+a. Explain what this means in terms of the AD-AS model.b. Is this a valid argument against stabilization policy? Why or why not?
=+What information would you need to determine whether this was due to a movement along the SRAS curve ora shift of the LRAS curve?
=+ 2. Suppose the economy is initially at potential output and the quantity of aggregate output supplied increases.
=+c. Arise in legally mandated retirement benefits paid to workers leads producers to reduce output.
=+ b.A fall in the price of oil leads producers to increase output.
=+.a. Arise in the consumer price index (CPI) leads producers to increase output.
=+ Explain whether it represents a movement along the SRAScurve or a shift of the SRAS curve
=+1. Determine the effect on short-run aggregate supply for each of the following events.
=+f. Arise in the real value of assets in the economy due to a surge in real estate values
=+e. Arise in the real value of assets in the economy due to a lower aggregate price level
=+d.A fall in tax rates
=+c. News of a worse-than-expected job market next year

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