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ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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
Transcribed Image Text:Economists who advocate a macroeconomic policy of laissez-faire:
Select an answer and submit. For keyboard navigation, use the up/down arrow keys to
select an answer.
a
b
d
believe the economy is self-regulating so long as government
intervenes to move the economy to equilibrium at natural real GDP.
believe the economy is self-regulating and will move to equilibrium
at natural real GDP in the long run.
also advocate central planning and government control of resources.
also advocate active government intervention in the macroeconomy.
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- Give an example of a concept you think may be associated with weak macroeconomic performance. Explain why this is the case. Use real-world examples and explanations. concepts lists - economics and the economic way to thinking - economic theory - scarcity -opputunity cost - market and competitive markts -supply -how markets reach equilibrium price and quantityarrow_forwardTrue or Falsearrow_forwardIn the Mid-2000's, Spain had a huge housing boom and they also had the highest inflation rate in Europe. This is an example of O How overall spending can sometimes get out of line with the economy's productive capacity. OOpportunity costs A scarcity issue in housing as land is a limited resource. Government polices can change consumption.arrow_forward
- Consider the macroeconomics process/perspective. 1). Do you think it helps the economy to implement macroeconomic theories, ideas? Why? Why not? 2). Do you think that the macroeconomic theories and ideas are relevant to you? why? why not? 3). Do you think that macroeconomic ideas produce an economy that is more unequal across citizens? Why? Why not? 4). Do you think macroeconomic theories and ideas are too old fashioned for our current economy? Why? Why not?arrow_forwardConsider the “circular flow” diagram for our economy. Explain what each of its components mean and how that detailed model of “incomes” and “expenditures” provides a foundation for economic theory?arrow_forwardFrom a neoclassical viewpoint, government should focus less on: A. long-term growth. B. controlling inflation. C. aggregate supply. D. cyclical unemployment.arrow_forward
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