Economics Short Answer

12 Questions  I  By Katereneewortman
Economics Quizzes & Trivia

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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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