ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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- 1. A recessionary gap is the result of the: a.actual level of output falling below the full-employment level of output. b.full-employment level of output falling below the actual level of output. c.full-employment level of output falling below the actual level of consumption.arrow_forwardThe housing market has weakened during every recession except which of the following? a. The Recession of 1974 b. The Recession of 1991 c. The Recession of 2001 d. The Recession of 2008arrow_forwardDo you believe democracy hinders or promotes economic growthSix Debates Over (Professor)Please discuss the six classic questions over macroeconomic policy as delineated in Chapter 23 of the course textbook. Choose two of the questions and take either a pro or con side for each question. Support your responses with a source or sources, including the course textbook (Mankiw).#2 Six Debates Over Macroeconomic Policy (Reading)Consider what causes the lags in the effect of monetary and fiscal policy on aggregate demand. What are the implications of these lags for the debate over active versus passive policy?Consider what might motivate a central banker to cause a political business cycle. What does the political business cycle imply for the debate over policy rules?Be prepared to explain how credibility might affect the cost of reducing inflation.Be prepared to explain why some economists are against a target of zero inflation?Consider what adverse effects might be caused by tax…arrow_forward
- Please answer question 3arrow_forwardSuppose the economy is experiencing a recessionary gap. In the long run, if there is no government intervention, the nominal wages will ______, unemployment will _____, and the price level will _______. A.fall; rise; fall B.fall; fall; fall C.rise; fall; rise D.rise; rise; risearrow_forwardplease answer the following question: 1. Suppose that the economy has an inflationary gap. Which of the following policies would most likely help the situation?(Select All that Apply)A. Reductions in agricultural subsidies and veterans' benefits.B. Postponement of a highway construction program.C. Reductions in Federal tax rates on personal and corporate income.D. Increase in Federal tax rates on personal income.E. Provide American household with direct relief during a pandemic.F. Provide small businesses with funds to pay payroll.arrow_forward
- What is most likely to occur during the expansionary phase of the business cycle? A.) Real GDP increases and unemployment decreases B.) Inflation increases and unemployment increases C.) Real GDP decreases and inflations increases D.) Real GDP decreases and unemployment decreasesarrow_forwardPlease answer question 1arrow_forward12. If _____ is rising, it likely means that the economy is shrinking. A. consumer spending B. nominal GDP C. the Consumer Price Index D. the unemployment ratearrow_forward
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