In 2008, problems in the financial sector led to a drying up of credit around the country:
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In 2008, problems in the financial sector led to a drying up of credit around the country: home-buyers were unable to get mortgages, students were unable to get student loans, carbuyers were unable to get car loans, and so on.
a. Explain how the drying up of credit can lead to compounding effects throughout the economy and result in an economic slump.
b. If you believe the economy is self-regulating, what would you advocate that policy makers do?
c. If you believe in Keynesian economics, what would you advocate that policy makers do?
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a When people cant get credit to finance their purchases they will be ...View the full answer
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