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Economics
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Nov 24, 2024
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Question 1
What was the impact of the great depression on ideas of the American dream
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The Great Depression, which occurred in the 1930s, had a profound and lasting impact on the
American Dream, reshaping perceptions and challenging the optimistic ideals that had characterized
the nation's collective aspirations. Here are some facts and statistics that highlight the significant
ways in which the Great Depression influenced the American Dream:
Economic Devastation:
- The stock market crash of 1929 marked the beginning of the Great Depression, leading to a severe
economic downturn.
- Between 1929 and 1933, the U.S. economy contracted by about 30%, causing widespread
unemployment and poverty.
Unemployment Rates:
- Unemployment rates soared during the Great Depression. By 1933, the unemployment rate had
reached approximately 25%, leaving millions of Americans without work.
- Many individuals who had previously believed in the American Dream, with its promise of upward
mobility through hard work, found themselves unemployed and struggling to make ends meet.
Homelessness and Migration:
- The economic hardship forced many families into homelessness. Hoovervilles, makeshift
communities of homeless people, sprang up in cities across the country.
- Migration patterns changed as people moved in search of work. The Dust Bowl, a severe
environmental disaster, exacerbated the economic challenges faced by those in the Midwest.
Decline in Homeownership:
- Homeownership, a key component of the American Dream, became increasingly difficult for many
during the Great Depression.
- Foreclosures and evictions were widespread, and the dream of owning a home was deferred for a
significant portion of the population.
Impact on Education:**
- The economic turmoil affected educational opportunities. Many families could not afford to send
their children to school, leading to a decline in enrollment rates.
- Educational aspirations were compromised as individuals prioritized immediate economic survival
over long-term educational goals.
Cultural Shifts:
- The Great Depression prompted a reevaluation of societal values. The emphasis on material
success and individual achievement, central to the American Dream, was tempered by the harsh
realities of economic hardship.
- Cultural expressions of the time, such as literature and art, often reflected a more somber and
critical perspective on the American Dream.
Government Intervention:
- The New Deal, a series of programs and reforms initiated by President Franklin D. Roosevelt,
aimed to address the economic challenges of the Great Depression.
- Social security, unemployment insurance, and other reforms were implemented to provide a
safety net for citizens, reflecting a shift in the role of government in supporting the economic well-
being of its citizens.
In summary, the Great Depression had a profound impact on the American Dream, challenging the
traditional narrative of limitless opportunity and success through hard work. The economic
devastation, coupled with widespread unemployment and hardship, led to a reevaluation of societal
values and a more nuanced understanding of the American Dream as a concept deeply intertwined
with economic and social realities.
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Related Questions
Instructions:The economic ideas of two the most influential economists: John Maynard Keynes and Frederic von Hayek have a significant impact on the US economy and the entire global economy. They had very different views about a free market economy and the role of the government. Even though they had arguments in 1930s, their ideas still affect our contemporary economic systems.
The relevance of their views will be debated in the video: Fear The Boom and Bust": Keynes vs Hayek Rap Battle. Two models below represent John Maynard Keynes and Frederic von Hayek concepts of aggregate-demand (AD) and aggregate-supply(AS) of the nation’s economy. Once you’ve watched the video and read Chapter 32: Aggregate Demand and Aggregate Supply, then answer the questions that follow.
The following links provides a two-minute videos about demand-pull inflation, cost-push inflation, recession, short-run period, and long-run period.
http://welkerswikinomics.com/blog/2011/04/08/1643/
Figure 1: Hayek’s…
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Scenario: Imagine you are a policymaker advising the government of a developing nation facing high levels of unemployment and inflation. The government seeks your expertise to design an economic policy that can address both issues simultaneously. As part of your analysis, you decide to apply one of the ten principles of economics to guide your policy recommendations.
Question: Select one of the ten principles of economics that you find most relevant to address the challenges of high unemployment and inflation in the given developing nation. Explain how the chosen principle can be applied to formulate an effective economic policy. Discuss the potential trade-offs and limitations of your proposed policy and evaluate its long-term sustainability.
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QUESTION 5
(a) What are some criticisms against the Keynesian model? How do post Keynesian models
try to address?
(b) Graphically illustrate and explain the conditions for a competitive general equilibrium
(c) Graphically illustrate and explain the effect of an increase in government spending on
general equilibrium conditions.
arrow_forward
Q) Which of the following is not a gilded age problem? (Select all that apply):
Social inequality
Unregulated slum development
Money in politics
Suburbanization of the middle class
Immigration from Latin America
Labor unrest
Draft riots
Child labor
Disease and public health concerns
Mass immigration
Overcrowding
Explain it correctly I upvote.
Not copy paste answer gives
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QUESTION 5
Why didn't economic depression return after the end of World War II?
Because FDR died, so the Republicans could finally start spending government money to boost people's incomes
O Because the government continued developing policies to encourage economic growth
Because the world was destroyed by war
Because the Rockefellers chose to drop their billions of dollars from an airplane over New York City
arrow_forward
The economy of a hypothetical country has been stable for two or three years with very low unemployment. Wages have been gradually increasing during this time. Now stock market prices begin significant increases, causing peoples’ investments, such as their retirement accounts and other investments, to increase in value. People feel very good about the future and use their new-found wealth to buy things that they had been hesitant to purchase in the past. Describe, in a short essay inserted below these questions, how the economic situation will change and how the government could best respond to these changes. Include detailed answers to the following questions in your essay:
What kind of economic gap will start to occur (inflationary or recessionary)?
What kind of fiscal policy might be helpful to stabilize the economy (expansionary or contractionary)?
What specific fiscal policy tools does the government have available, and how should these tools be utilized to maximize their…
arrow_forward
1.Which of the following ideas were central to Adam Smith in Wealth of Nations?
A)importance of acquiring gold from colonies
B)role of markets and free competition
C)criticisms of the injustices of capitalism
D)conflict between proletariat and factory owner
2.What Austrian diplomat believed that Europe needed a balance of power?
A)Metternich
B)Ferdinand II
C)Franz Joseph
D)Bismark
3.All of the following were impacts of the Industrial Revolution on industrialized countries EXCEPT
A)increased population
B)voting rights for women
C)clean air and water
D)increased standard of living for many
4.The economic system in which private individuals or companies own businesses is called
A)communism
B)capitalism
C)imperialism
D)socialism
5.All of the following were important consequences of the Congress of Vienna EXCEPT
A)increased nationalistic tensions
B)a new political map of Europe
C)unsuccessful revolutions in 1848
D)a rejection of conservatism as a political philosophy
6.Which news…
arrow_forward
Select the concept that correspond to each description
It is a plan of action undertaken by
government officials to achieve some
broad purpose affecting substantial
segment of a nation's citizens.
Public policy
It refers to policies in housing, health
care, and education.
[Choose]
National values, such a freedom,
[Choose ]
democracy, and a fair chance for all
citizens to share in economic prosperity,
have led to the adoption of civils rights
laws and economic assistance for those
in needs
They may cause businesses to improve
the way lead is used in the workplace to
reduce health risk, but also companies
can removes pregnant woman from their
job to avoid the health risk.
[Choose ]
They are external pressure that shapes a
[Choose ]
government's policy decisions and
strategies to address a problem.
arrow_forward
How to solve question 2?
arrow_forward
SCOPE: The experiences of the former republics of the now-defunct Soviet Union provide a good lesson in transforming economies, in particular, the Russian republic. Research the Russian experience (text and internet). Using this information, provide a general overview of this transition from a Communist "command" economy to a free market economy over the past several years. Has the transition to a free market economy been a success? What have been some of the major difficulties? What do you believe are the prospects for a sound Russian economy?
arrow_forward
How fiscal policy and monetary policy can
affects the firm/industry/market on their short
run and long run decisions? Provide some
examples along with the elaborations.
arrow_forward
Describe the fiscal and monetary measures that are normally taken to deal with economic depression.
arrow_forward
CASE 3- Economics UKRAINE-RUSSIA CONFLICT
When Russia invaded Ukraine no one knew how long
the ensuing conflict would last, or how deep the
shockwaves sent through Europe, or the rest of the
world would be.
As the war approaches its third month, however, the
economic fallout from the conflict is becoming clearer
and the outlook does not look good.
Against an already turbulent backdrop of global
inflationary pressures amid rising food and energy
prices and disrupted supply chains following the
coronavirus pandemic, the war between Russia and
Ukraine is exacerbating supply and demand tensions,
damaging consumer sentiment and is threatening
global economic growth.
QUESTION:
what actions should the President do to help
businesspeople and workers if this situation will
continue?
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Macroeconomics discussion
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The Circular Flow Model with Government is another
important model for students to understand.
Please explain what the model shows us.
List and explain the characteristics of each component – be very thorough and provide plenty of detail! You
must have at least 4 characteristics for each component.
Thoroughly explain how each component of the
model interacts with the other components – be very thorough – this requires lots of detail! Explain how all of the sectors and markets interact with each other. You can do this as part of your answer to part ( b) if you like but understand that this will require significant detail!
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You will submit a Word document that is in proper APA formatting. Your Word document should be properly submitted with citations/references to support your work. Please answer the following questions:
Suppose you are an advisor to the Business Cycle Dating Committee. You are asked to look at macroeconomic data to evaluate whether the economy has entered a recession this year. Which data do you look at? How does the economy behave at the onset of a recession? Explain how unemployment changes over the business cycle. Why do these changes occur?
Make sure that it is 2 to 3 word pages please!
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2. Professor Moretti described the Great Divergence within the American economy. Explain the origins of this divide. Which geographic regions are most impacted? Which demographics are impacted most? What is the role of globalization in reinforcing this divide?
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Good Day,
Kindly assist me with the following case study.
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Question 1. (04)
What makes Islamic economic system different from socialism and capitalism?
Question 2. (04)
How does an Islamic bank deal in Mudaraba?
Question 3. (05)
Define what is Riba & describe two types of Riba with example for each
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i started but couldn’t do the third box because im stuck so may i please have help?
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Financial crises and market bubbles are inevitable in the global economy. In this module, we examined some of these
financial crises, including: The European banking crisis in 2011 The oil price collapse in 2014 The emerging market
turmoil in 2013 The Puerto Rican debt crisis in 2015 The crypto crash in 2018-2019 The COVID-19 pandemic financial
crisis While none of these crises matched the scale of the Great Recession of 2008, they still had significant impacts on
international markets. To find out about countries' financial information, you can use the resources listed in the Global
Financial Information Resources document. Consider the past financial crises and market bubbles. In your discussion,
address the following questions: What market indicators can help identify potential global financial crises? What do you
anticipate could be the next global financial crisis? How has the global economy responded to the challenges of the
COVID-19 pandemic? How do you think the COVID-19…
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How to do question 2?
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Unrest and economic underperformance haunt the emerging worldAt the start of the century, developing economies were a source of unbounded optimism and fierce ambition. Today South Africa is reeling from an insurrection, Colombia has suffered violent protests and Tunisia faces a constitutional crisis. Illiberal government is in fashion. Peru has just sworn in a Marxist as its president and independent institutions are under attack in Brazil, India and Mexico.Source: https://www.economist.com/leaders/2021/07/31/unrest-and-economic-underperformance-stalk-the-emerging-worldAccessed: 20/08/21
According to economic theory, the above occurrences come as a result of emerging markets failing to accomplish which of the following objectives?a) Price stabilityb) Balance of payments stabilityc) Economic growthd) Full employment
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- Instructions:The economic ideas of two the most influential economists: John Maynard Keynes and Frederic von Hayek have a significant impact on the US economy and the entire global economy. They had very different views about a free market economy and the role of the government. Even though they had arguments in 1930s, their ideas still affect our contemporary economic systems. The relevance of their views will be debated in the video: Fear The Boom and Bust": Keynes vs Hayek Rap Battle. Two models below represent John Maynard Keynes and Frederic von Hayek concepts of aggregate-demand (AD) and aggregate-supply(AS) of the nation’s economy. Once you’ve watched the video and read Chapter 32: Aggregate Demand and Aggregate Supply, then answer the questions that follow. The following links provides a two-minute videos about demand-pull inflation, cost-push inflation, recession, short-run period, and long-run period. http://welkerswikinomics.com/blog/2011/04/08/1643/ Figure 1: Hayek’s…arrow_forwardScenario: Imagine you are a policymaker advising the government of a developing nation facing high levels of unemployment and inflation. The government seeks your expertise to design an economic policy that can address both issues simultaneously. As part of your analysis, you decide to apply one of the ten principles of economics to guide your policy recommendations. Question: Select one of the ten principles of economics that you find most relevant to address the challenges of high unemployment and inflation in the given developing nation. Explain how the chosen principle can be applied to formulate an effective economic policy. Discuss the potential trade-offs and limitations of your proposed policy and evaluate its long-term sustainability.arrow_forwardQUESTION 5 (a) What are some criticisms against the Keynesian model? How do post Keynesian models try to address? (b) Graphically illustrate and explain the conditions for a competitive general equilibrium (c) Graphically illustrate and explain the effect of an increase in government spending on general equilibrium conditions.arrow_forward
- Q) Which of the following is not a gilded age problem? (Select all that apply): Social inequality Unregulated slum development Money in politics Suburbanization of the middle class Immigration from Latin America Labor unrest Draft riots Child labor Disease and public health concerns Mass immigration Overcrowding Explain it correctly I upvote. Not copy paste answer givesarrow_forwardQUESTION 5 Why didn't economic depression return after the end of World War II? Because FDR died, so the Republicans could finally start spending government money to boost people's incomes O Because the government continued developing policies to encourage economic growth Because the world was destroyed by war Because the Rockefellers chose to drop their billions of dollars from an airplane over New York Cityarrow_forwardThe economy of a hypothetical country has been stable for two or three years with very low unemployment. Wages have been gradually increasing during this time. Now stock market prices begin significant increases, causing peoples’ investments, such as their retirement accounts and other investments, to increase in value. People feel very good about the future and use their new-found wealth to buy things that they had been hesitant to purchase in the past. Describe, in a short essay inserted below these questions, how the economic situation will change and how the government could best respond to these changes. Include detailed answers to the following questions in your essay: What kind of economic gap will start to occur (inflationary or recessionary)? What kind of fiscal policy might be helpful to stabilize the economy (expansionary or contractionary)? What specific fiscal policy tools does the government have available, and how should these tools be utilized to maximize their…arrow_forward
- 1.Which of the following ideas were central to Adam Smith in Wealth of Nations? A)importance of acquiring gold from colonies B)role of markets and free competition C)criticisms of the injustices of capitalism D)conflict between proletariat and factory owner 2.What Austrian diplomat believed that Europe needed a balance of power? A)Metternich B)Ferdinand II C)Franz Joseph D)Bismark 3.All of the following were impacts of the Industrial Revolution on industrialized countries EXCEPT A)increased population B)voting rights for women C)clean air and water D)increased standard of living for many 4.The economic system in which private individuals or companies own businesses is called A)communism B)capitalism C)imperialism D)socialism 5.All of the following were important consequences of the Congress of Vienna EXCEPT A)increased nationalistic tensions B)a new political map of Europe C)unsuccessful revolutions in 1848 D)a rejection of conservatism as a political philosophy 6.Which news…arrow_forwardSelect the concept that correspond to each description It is a plan of action undertaken by government officials to achieve some broad purpose affecting substantial segment of a nation's citizens. Public policy It refers to policies in housing, health care, and education. [Choose] National values, such a freedom, [Choose ] democracy, and a fair chance for all citizens to share in economic prosperity, have led to the adoption of civils rights laws and economic assistance for those in needs They may cause businesses to improve the way lead is used in the workplace to reduce health risk, but also companies can removes pregnant woman from their job to avoid the health risk. [Choose ] They are external pressure that shapes a [Choose ] government's policy decisions and strategies to address a problem.arrow_forwardHow to solve question 2?arrow_forward
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