Why the classical economists failed to explain the reason of the great depression? What did the Keynesian economists put forward in reponse to that event?

Author claims, “The pandemic was unexpected shock. Climate change and climate policy are known shocks that can even more substantial impact on economic structures and macroeconomic stability.”Critically explain this statement by using AD-AS model.

What was “Reaganomics”?

Consider a one-period economy which experiences the destruction of some of the nation’s capital stock (say through a hurricane is de- stroyed). How should this effect equilibrium, consumption, output and labor supply? Now, let’s say the government tries to offset some of the declines in capital on output and hours worked by increasing govern- ment spending. What is the likely outcome of this policy intervention in terms of consumption? In our model, the affects of changes on wages are ambiguous because the income and substitution effects move in opposite directions. How do (many) macroeconomists deal with this ambiguity in terms of study- ing business cycle? How do economists resolve this ambiguity when studying long term economic development? Consider an economy with a straight line PPF. Show how an increase in government spending paid for by an increase in lump sum labor taxes affects outcomes. Do the same for an increase in government spending financed by a proportional income…

The "No - Markets Fail Often" camp Select one: a. believes business cycles happen regularly. b. focuses on the short-run. c. rejects Say's Law. d. believes the economy's self-adjusting mechanisms are slow. e. does all of the above.

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What is most likely to happen to inflation and real output growthif a government raises taxes and its economy has a year of excellentweather for growing crops? Illustrate your verbal answer with a graph.Label everything!

Question 1 The economy Is at full emplayment when A there are more unemployedbtworkers than vacancCIe Ball unemployment Is cyClical C there are no unemplayment wUorkers Dallemploymentis frietional and lor structabral Question 2 Structioral Unemployment Isassociated with A short -term unemployment B general down turns in the economY C the changing of jobs ina dynamic economy D the changes intechnology that change required Question 3 Real GDP Is adjusted for inflation ATrue B False Queston 4 Including discouraged workers in the calculation unemployment rate would JA increase the reported rate B lower the reported rate not change the reported rate D chunge the reported rate butin an unpredictat

A good that is rival and non-excludable is?

What is defation, and what problems does defation pose for the macroecon-omy?