How does a person’s interpretation of macroeconomic history affect his view of macroeconomic policy?

Q: Explain in detail what are Computable General Equilibria Models?

A: Computable General Equilibria (CGE) models are large economic models that are used to estimate the…

Q: Discuss the role of positive economics and narrative economies in the policymaking?

A: The discipline of economics that deals with describing and understanding economic phenomena is known…

Q: If a macroeconomist studying the causes of unemployment suspects that changes in technology might…

A: In macro-econometric models there are two types of variables: endogenous and exogenous. Exogenous…

Q: Why is the circular flow model important?

A: A circular flow model is a model that shows the flow of income between the households or consumers…

Q: Discuss in detail the two macroeconomic policies and explain how the government applies such…

A: Macroeconomics studies the entire economy as a whole which includes the sum total of individual…

Q: What are the key assumptions and limitations of econometric models when applied to forecasting…

A: Econometric models play a crucial role in forecasting economic variables, but they are subject to…

Q: Differentiate between classical and neo-classical economics.

A: "Classical" and "neoclassical" are the names for two philosophical approaches to economics. As the…

Q: In 60 words or less what is the major economic thought of John Maynard Keynes?

A: Keynesian economics theory was developed by the British economist John Maynard Keynes in the 1930s.…

Q: How do you estimate the effect of policy changes on individual behavior?

A: In economics, individual behavior refers to the actions and decisions made by individual consumers,…

Q: What are the main differences of thought between John Maynard Keynes and Milton Friedman

A: John Maynard Keynes He was indeed an English economist for whom the theories profoundly altered…

Q: Economics came from the Greek word Oikos which means scarcity. Select one: True False

A: Scarcity: It refers to the problem of resources that are limited in the economy and wants of the…

Q: True or false question: Although there is no specific founder of macroeconomics, John Maynard Keynes…

A: The field of economics has advanced essentially over hundreds of years, set apart by the commitments…

Q: How does macroeconomics help analyze the impact of the coronavirus that swept the world late last,…

A: The Coronavirus or Covid-19 is the most discussed dangerous pandemic that is currently active all…

Q: According to the trilemma, which three macroeconomic policies are mutually inconsistent?

A: The currencies are bought and sold in the foreign exchange market. The equilibrium price of foreign…

Q: Who did John Maynard Keynes advise with his economic theory?

A: The macroeconomic economic theory of total expenditure in the economy and its consequences on…

Q: Discuss in detail, how to achieve the macroeconomic policy targets

A: Macroeconomic policies are the government actions to deal with the instability of the broader…

Q: Given the pandemic greatly affecting the economy, how can the economy realign to fit the “new…

A: Macroeconomics is the discipline of economics that investigates an economy's overall behaviour and…

Q: What are the flaws in each of the framework model's political or social mechanisms?

A: Political mechanisms: This article situates mechanism- and process-based explanations within the…

Q: What is the purpose of macroeconomic models? How can a model of ice creamproduction be used to…

A: A macroeconomic model is a theoretical construct that illustrates a macroeconomic phenomenon in…

Q: State whether the following statement is True or False with reason: Macro economics studies whole…

A: # In economics, we have to study both the individual behaviour and the behaviour of the economy as a…

Q: Critically analyse the key macroeconomic concerns

A: Macroeconomics is the study of the general functioning of the economy. Since microeconomics focuses…

Q: According to John Maynard Keynes, what are the major sources of economic instability?

A: Inflation is the rise in the prices of goods and services over some time.

Q: Which worldview makes the most sense?Keynesian perspective or the Neoclassical perspective of…

A: Keynesian perspective or economics refers to that branch of macroeconomics that focuses on…

Q: the father of classical school of economics was Adam Smith? a. True b. False

A: Adam Smith is considered the father of Classical economics, he had written “The Wealth of Nations”…

Q: Using an example, explain how John Maynard Keynes distinguished macroeconomics from microeconomics

A: The two primary subfields of economics are microeconomics and macroeconomics. Microeconomics is the…

Q: What is the doughnut economy model? What are their main propositions? Evaluate its relationship with…

A: Environmental economics is important right now because it tackles the financial consequences of…

Q: What was one of John Mayland Keynes’s major economic belief

A: John Maynard Keynes was an early 20th-century British economist, regarded as the founder of…

Q: Explain what are the differences between classical economist and Keynesian economist point of view?

A: Classical and Keynesian economics are two schools of thought with opposing methods to defining…

Q: Can market intervention by the government make things worse? Are there any other remedies for…

A: Market interventions are actions that alter or obstruct the market; typically taken by state-run…

Q: an the government make things worse by intervening in markets? Are there other options outside the…

A: Market interventions are measures that change or impede the market, normally done by state-run…

Q: Macroecomics is an aggregate of what happens at the microeconomics level. Would it be possible for…

A: Yes, it is possible that the events at macro level are different from that at the micro level. Micro…

Q: Does the discipline [of economics] have sufficient predictive power to play an important role in our…

A: Economics is a social science that studies how individuals, governments, firms, and nations make…

Q: Identify each of the following topics as being part of microeconomics or macroeconomics: the impact…

A: Microeconomics is a part of economics that deals with individual units and study the behavior of…