Question
INSTRUCTION: Answer ALL questions with References. 1. a) Examine the causes of economic growth in the light of Classical, neo-classical and Keynesian economic school of
INSTRUCTION: Answer ALL questions with References. 1. a) Examine the causes of economic growth in the light of Classical, neo-classical and Keynesian economic school of thoughts. (10 marks) b) What is meant by a recession in a business cycle? What are the Keynesian prescriptions to put the economy back on track? Discuss the Keynesian types of stabilization policies used by a country of your choice to overcome an economic recession. (15 marks) c) Distinguish between the exogenous and endogenous growth models highlighting the major contributors and their assumptions and conclusions. (10 marks) d) Discuss the role of international trade in economic growth. What would be the impact of the resurgence of protectionist sentiments among major trading countries in the recent past. Examine the role of trade war between China and the United States and the trade dispute between China and Australia in increasing trade protection in recent times.
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