42 4 marks For the following events explain the shortru.pdf

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42. [4 marks] For the following events, explain the short-run and long-run effects on output and the price level, assuming policymakers take no action. You need to draw the AD-SRAS-LRAS diagram for the Canadian economy, starting in a long-run equilibrium. Make sure to illustrate its effect using a well-labeled diagram. Assume that there is a large increase in demand for Canadian exports. Show the resulting shortrun equilibrium on your graph. In this short-run equilibrium, is the unemployment rate likely to be higher or lower than it was before the increase in exports? Explain it. Explain how the economy adjusts back to long-run equilibrium. When the economy has adjusted back to long-run equilibrium, how would the values of each of the following have changed relative to what they were before the increase in exports? a. Real GDP b. The price level (CPI) c. The unemployment rate.

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Chapter 1 57. What is the difference between recession and depression in an economy? Provide an example of depression from the real world that has hit the global economy. Use the following to answer question 58: Answer: When there is a mild fall in the gross domestic product (GDP) of an economy over a period of time it leads to recession in the economy. If the intensity of the fall in GDP is severe over a period of time, then it turns into a depression. Recession is cyclic in nature; that is, it repeats itself over a period of time in an economy. A famous example of depression is that of the Great Depression of the 1930s that occurred in the United States and affected the global economy. Even the financial crisis of 2008-2009 in the United States was very much reminiscent of the Great Depression. 58. Refer to the following graph and identify the years for which Country A and Country B experienced recession. Country A experienced its recession during 2003 and its early recovery during 2004. Country B experienced its first recession during 2002 and its early recovery in 2003. Country B experienced a second recession in 2007. 59. Why do we call macroeconomics an imperfect science? Explain. The study of macroeconomics depends mainly upon the historical data on different economies. Macroeconomists analyze these data to explain changes occurring in different economic parameters (income, prices, unemployment, etc.) and formulate policies. Additionally, macroeconomic studies cannot be conducted in controlled experiments, as in biology or chemistry, for example. In this way, macroeconomists are similar to weather forecasters. 60. Are the terms “market clearing” and “equilibrium” one and the same? Explain. Yes, both terms represent the same notion: the balance between supply and demand. It is the balancing point at which everything that is produced gets sold and fulfills the entire demand. Thus, if all other things remain constant, then there is no tendency to change the quantity supplied and demanded at this point. 61. Do you agree with the statement, “macroeconomics rests on the foundation of microeconomics”? Explain. Macroeconomics involves studying the aggregate of economic variables related to individual decision making parameters, which are microeconomic (think of individuals' expenses, investments, etc.). That is to say, the total expenditure in an economy is the aggregate (sum) of all the expenditures done by all consumers in that economy, or the total investment done in an economy is the aggregate (sum) of all individual investments done by firms in that economy. This reflects that macroeconomic study rests on the foundation of microeconomics. 62. Give two examples of macroeconomic variables and microeconomic variables. The income of your father is a microeconomic variable, while the gross domestic product (GDP) of your country is a macroeconomic variable. The money your father saves in the bank is a microeconomic va.

Chapter 1 57.What is the difference between recession and de.docx

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Compute the inflation rate for each year 1993-201 2 and determine which were years of inflation. ln which years did deflation occuP ln which years did disinflation occur? Was tirere hyperinflation in any yeaf * (Sources of tnflation)Usingthe concepts of aggregate supply and aggregate demand, explain why inflation usually increases during wartime. s. (nftatiln and lnterest Rates) Using a demand-supply diagram for loanable funds (like the exhibit below), show what happens to the nominal interest rate and the equilibrium quantity of loans when both bonowers and lenders increase their estimates of the expected inflation rate from 5 percent to 1 0 percent. The Market for Loanable Funds Loanable funds per period 7-4 Explain how unanticipated inflation harms some individuals and harms the economy as a whole 10, (AnticipatedVersus Unanticipated lnflation) lf actual inflation ex- ceeds anticipated inflation, who will lose purchasing power and who will gain? How does unanticipated inflation harm the economy? GHAPTER 8 8-1 Describe how we measure labor productivity, and explain why is it important for a nation's standard of living (Measuring Labor Productivily) How do we measure labor productivitf How do changes in labor productivity affect the U.S. standard of living? (Growth and the PPF) Use the production possibilities frontier (PPD to demonstrate economic growth. a. With consumption goods on one axis and capital goods on the other, show how the combination of goods selected this period affects the PPF in the next period. b. Extend this comparison by choosing a different point on this period's PPF and determining whether that combination leads to more or less growth over the next period. (Shifts in the PPflferrorist attacks foster instability and may affect productivity over the short and long term. Do you think the September 1 l, 2001, terrorist attacks on the World Trade Center and the Pentagon affected short- and/or longterm productivity in the United States? Explain your response and show any move- ments in the PPF. o o o o o .Ei o c c oz 33O PROBLEMS APPENDIX 8-2 Summarize the history of U.S.labor productivity changes since World War II and explain why these changes matter (Labor Productivity) ldentify at least four definable periods of labor productivity growth beginning right after World War ll. During which periods was productivity growth lowest and why? (Refer to Exhibit 6 inthe chapter.) (Long-Term Productivity Growfhl Suppose that two nations start out in 201 3 with identical levels of output per work hour-say, $100 per hour. ln the first nation, labor productivity grows by 1 percent per year. ln the second, it grows by 2 percent per year. Use a calculator or a spreadsheet to determine how much output per hour each nation will be producing 20 years later, assuming that labor productivity growth rates do not change. Then, determine how much eacll will be producing per hour 100 years later. What.

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Homework 4 1. In class we described how consumption (C) is influenced by "transfer payments." If these payments increase, then so do taxes, so as a result consumption is unchanged. true false 2. In general, capital is NOT a final good. true false 3. In this part of the course, we're using AD and SRAS to explain what happens to the economy, which means to real GDP (symbol: Y) and the GDP deflator (symbol: P). Let's say that last you found out that real GDP grew by 2%, prices rose by 1%, and that the budget deficit is 4% of GDP. With this information, can you calculate what happened to the unemployment rate last year? yes no 4. Which of the following would change the natural rate of unemployment? There might be more than one correct answer. Apps are developed and widely used to more quickly and efficiently connect job seekers and firms wishing to hire. Software is quickly introduced that replaces about half of all teachers. A recession hits and suddenly many lose their jobs. 5. Please recall how the following terms are closely related: inflation, deflation, and disinflation. Which of the following is the best example of disinflation? real GDP goes from $17 trillion to $17.8 trillion to $18 trillion the CPI goes from 260 to 266 to 278 nominal GDP goes from $18 trillion to $17 trillion to $17.5 trillion GDP deflator goes from 133 to 143 to 146 the labor force grows from 160 million to 170 million to 190 million the GDP deflator goes from 110 to 105 to 107 6. Which of the following is most accurate if real GDP is less than potential GDP? The economy would be sure to be in a recession. The economy might be in a recession. 7. Equilibrium in our graph of AD and SRAS occurs where AD = SRAS. Unless otherwise specified, we assume that the economy rapidly moves to equilibrium. What ensures that the economy is in equilibrium? fiscal policy is used by the government (i.e. Congress and the President) AD shifts but SRAS does not until AD = SRAS monetary policy is used by the Fed (i.e. the Federal Reserve ‐‐ our country's "central bank") SRAS shifts but AD does not until AD = SRAS There is inflation or deflation until SRAS = AD. As this happens, you move along the AD and SRAS curves. 8. Recall how the SRAS curve slopes upward ‐‐ as P (the prices of all final goods and services) grows, there is then more production (i.e., Y grows). When we are describing this relationship, are we concerned with are there sufficient buyers to buy what is produced? yes no 9. Which of the following would increase potential GDP? There might be more than one answer. Suddenly all college student quit school and start looking for a job. The government starts to build more infrastructures (roads, bridges, ports, and airports). Workers decide to retire later than they planned. Interest rates fall and there is more demand for c ...

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Final Exam Essay Questions Notice that unless specifically instructed, you will not be required to use graphs to answer these questions. You may find it helpful though. International Trade 1. Suppose that two countries (US and Cuba) conform to the assumptions of the Heckscher-Ohlin model and initially do not trade with each other. Only two products are produced—textiles are labor intensive while steel is capital intensive. Cuba has relatively more labor than does the US. Labor and capital are mobile between industries. A. Explain which products each country should export and why. [That is, do not just say that Cuba has a comparative advantage in good X—you must explain why it has a comparative advantage.] B. What would be the expected effect of opening trade on wages and returns to capital in Cuba in the long run? Explain. 2. a. For the policies below, note a small country’s imposition of the policy will increase (+), decrease (-), or have an unclear effect (?) on the variables listed vertically. (Please note, you do not have to explain; just note the direction of change.) Assume that transfers among domestic citizens have no effect on welfare. Tariff Export subsidy Import quota Export tax Domestic price Domestic consumer surplus Domestic producer surplus Government revenue Net national welfare If any of the effects are unclear, provide a brief explanation. b. For each, explain the nature of any deadweight losses in detail, i.e. compare the costs of domestic production and consumer benefits with the reduced or expanded trade. 3. Suppose the assumptions of the Ricardian model apply. Let LA = country A's endowment of labor =100 units; LB = country B's endowment of labor = 100 units. The unit labor coefficients for the two countries for good S and C are: aLc = 2L/c, aLs = 10L/s; bLc = 10L/c, bLs = 1L/s. a. What is the opportunity cost for C in each country? Provide specific numbers (i.e. number of S per C). b. Explain which country has the absolute advantage in each good. c. Explain which country as the comparative advantage in each good. d. What is the range of potential relative prices for mutually beneficial trade? Provide specific numbers (i.e. number of C per S). e. For one particular possible trading price, show the PPF for both countries and the relevant post-trade national income (presuming full specialization). 4. Illustrate and explain how the US (a large country in international oil markets) can benefit from imposing a tariff on petroleum. Which group or groups ultimately pay for the tariff? What are the major drawbacks for a country pursuing this policy? How would consumers of petroleum in Europe be affected by the tariff? 5. Illustrate and explain how a Australia (a large country in the international iron ore markets) can benefit from imposing an export tax on iron. Which group or groups ultimately pay for the export tax? What are the major drawbacks for a country pu ...

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The twin deficits hypothesis asserts that a reduction in the budget deficit causes a reduction in the current account deficit. The Keynesian hypothesis proposes that the causality runs from budget deficits to current account deficits. However; conflicting theories have been proposed, arguing that possibility exists of reverse causality from current account to budget deficit and indeed that there is no relationship between the two deficits. Proponents of the Ricardian equivalence hypothesis suggest the absence of any relationship between the current account deficit and the budget deficit. This study uses the Autoregressive Distributed Lag method of co integration to test the three proposed hypotheses using annual time series data of Malawi over the period 1970 to 2012. Results from the analysis found a positive significant long run relationship between the budget deficit and the current account deficit. Implying that in the long run budget deficit does influence the current account deficit, asserting that the Keynesian proposition holds in Malawi. No evidence was found in support of the reverse causality or the Ricardian equivalence hypothesis.

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