Economics Short Answer

12 Questions  I  By Katereneewortman
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  • 1. 
    According to Keynes, what should we do with fiscal policy when the economy is in a recession? What might be the long run issue with such action?

  • 2. 
    What is a liquidity trap? What can be done to get out of this trap?

  • 3. 
    If the FED purchases government securities in the open market, what will be the effect on interest rates? How will that affect the economy?

  • 4. 
    Some people have argued that the reported unemployment rate actually understates the extent of unemployment. What are they talking about?

  • 5. 
    Using the production possibilities concept, explain the possible costs of racial discrimination in employment.

  • 6. 
    Using supply and demand curves, explain the effect of a freeze in Florida on the market for oranges. What might happen in the market for apples?

  • 7. 
    Explain why GDP is not an ideal measure of the standard of living.

  • 8. 
    Is Friedman's Permanent Income Hypothesis the same as the life cycle theory of consumption? Explain.

  • 9. 
    What is the Phillips curve? Does it have any validity in today's economy?

  • 10. 
    What is the burden of national debt? Explain.

  • 11. 
    Keynes argued that we should have government deficits during recessions. Explain how a recession might cause a deficit without any action by government.

  • 12. 
    What is the purpose of an import tariff? Who are the winners and losers from tariffs?

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