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Macro 21
- 3. Banananomics
- 5. You have 10 people on your island and a banana costs $1.00 Your grocery bill is $10.00
- 6. You have 10 people on your island and a banana costs $1.00 Your grocery bill is $10.00 Population has grown by 70% to 17 people.
- 7. You have 10 people on your island and a banana costs $1.00 Your grocery bill is $10.00 Population has grown by 70% to 17 people. The price of bananas has declined by 70%
- 8. You have 10 people on your island and a banana costs $1.00 Your grocery bill is $10.00 Population has grown by 70% to 17 people. The price of bananas has declined by 70%
- 9. You have 10 people on your island and a banana costs $1.00 Your grocery bill is $10.00 Population has grown by 70% to 17 people. The price of bananas has declined by 70% How much is your grocery bill?
- 11. 10 x $1.00 = $10.00 17 x $0.30 = $5.10 49% drop
- 13. Three Prices
- 15. Nominal Price Real Price Three Prices
- 16. Nominal Price Real Price Three Prices Dollars and Cents
- 17. Nominal Price Real Price Three Prices Dollars and Cents Time Price
- 18. Nominal Price Real Price Three Prices Dollars and Cents Hours and Minutes Time Price
- 20. Nominal Price
- 21. Nominal Price $
- 22. Nominal Price $ Real Price
- 23. Nominal Price $ $Real Price
- 24. Nominal Price $ $Real Price ÷
- 25. Nominal Price $ $ Inflation Rate Real Price ÷
- 28. Time Price
- 29. Time Price How long do I have to work to earn the money to buy the item?
- 30. Time Price Real Price How long do I have to work to earn the money to buy the item?
- 31. Time Price $Real Price How long do I have to work to earn the money to buy the item?
- 32. Time Price $Real Price How long do I have to work to earn the money to buy the item?
- 33. Time Price $Real Price Hourly Income How long do I have to work to earn the money to buy the item?
- 34. Time Price $Real Price Hourly Income How long do I have to work to earn the money to buy the item?
- 35. Things can get cheaper in two ways
- 36. The price can go down Things can get cheaper in two ways
- 37. The price can go down Things can get cheaper in two ways
- 38. The price can go down Things can get cheaper in two ways or
- 39. The price can go down Things can get cheaper in two ways Your hourly income can go up or
- 40. The price can go down Things can get cheaper in two ways Your hourly income can go up or
- 42. Time Price
- 43. Time Price
- 63. Year 1986 2018 % Change Time Price 3.21 2.14 -33.3% Population 240 329 37.1% Total Cost 770.40 704.06 -8.6%
- 65. Chapter 18
- 67. P2 Price Level Real GDP orY 18 Long Run Aggregate Supply Short Run Aggregate Supply 19 Aggregate Demand 17
- 68. P2 Price Level Real GDP orY 18 Long Run Aggregate Supply Short Run Aggregate Supply 19 Aggregate Demand 17 Unemployment
- 69. P2 Price Level Real GDP orY Increase Aggregate Demand 18 Long Run Aggregate Supply Short Run Aggregate Supply 19 Aggregate Demand 17 Unemployment
- 70. P2 Price Level Real GDP orY Increase Aggregate Demand Lower Taxes and/or Increase Spending 18 Long Run Aggregate Supply Short Run Aggregate Supply 19 Aggregate Demand 17 Unemployment
- 71. P2 Price Level Real GDP orY Increase Aggregate Demand Lower Taxes and/or Increase Spending 18 Long Run Aggregate Supply Short Run Aggregate Supply 19 Aggregate Demand 17 Unemployment
- 72. P2 Price Level Real GDP orY Increase Aggregate Demand Lower Taxes and/or Increase Spending 18 Long Run Aggregate Supply Short Run Aggregate Supply 19 P1 Aggregate Demand 17 Unemployment
- 73. P2 Price Level Real GDP orY Increase Aggregate Demand Lower Taxes and/or Increase Spending 18 Long Run Aggregate Supply Short Run Aggregate Supply 19 P1 Aggregate Demand 17
- 74. P3 Price Level Real GDP orY 18 Long Run Aggregate Supply Short Run Aggregate Supply 19 Aggregate Demand 17
- 75. P3 Price Level Real GDP orY 18 Long Run Aggregate Supply Short Run Aggregate Supply 19 Aggregate Demand 17 Inflation
- 76. P3 Price Level Real GDP orY Decrease Aggregate Demand 18 Long Run Aggregate Supply Short Run Aggregate Supply 19 Aggregate Demand 17 Inflation
- 77. P3 Price Level Real GDP orY Decrease Aggregate Demand Raise Taxes and/or Decrease Spending 18 Long Run Aggregate Supply Short Run Aggregate Supply 19 Aggregate Demand 17 Inflation
- 78. P3 Price Level Real GDP orY Decrease Aggregate Demand Raise Taxes and/or Decrease Spending 18 Long Run Aggregate Supply Short Run Aggregate Supply 19 Aggregate Demand 17 Inflation
- 79. P3 Price Level Real GDP orY Decrease Aggregate Demand Raise Taxes and/or Decrease Spending 18 Long Run Aggregate Supply Short Run Aggregate Supply 19 P1 Aggregate Demand 17 Inflation
- 80. P3 Price Level Real GDP orY Decrease Aggregate Demand Raise Taxes and/or Decrease Spending 18 Long Run Aggregate Supply Short Run Aggregate Supply 19 P1 Aggregate Demand 17
- 83. More Taxes
- 86. More Borrowing
- 88. More Borrowing Crowding Out Increase interest rates
- 89. Lower Taxes
- 90. Lower Taxes People may just save more and not spend
- 91. More Spending
- 92. More Spending Now get free stuff.
- 93. More Spending Now get free stuff. No new spending
- 95. Get a free iPhone
- 96. Get a free iPhone But your taxes will go up to pay for it
- 97. Get a free iPhone But your taxes will go up to pay for it No change in total spending
- 98. Tax Rate % $ Tax Revenue Laffer Curve 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
- 99. Tax Rate % $ Tax Revenue Laffer Curve 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
- 100. Tax Rate % $ Tax Revenue Laffer Curve 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
- 101. Tax Rate % $ Tax Revenue Laffer Curve 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
- 102. Tax Rate % $ Tax Revenue Laffer Curve 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
- 103. Tax Rate % $ Tax Revenue Laffer Curve 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
- 104. Tax Rate % $ Tax Revenue Laffer Curve 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
- 105. Tax Rate % $ Tax Revenue Laffer Curve 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
- 106. Tax Rate % $ Tax Revenue Laffer Curve 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
- 107. Tax Rate % $ Tax Revenue Laffer Curve 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
- 108. Tax Rate % $ Tax Revenue Laffer Curve 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
- 109. Tax Rate % $ Tax Revenue Laffer Curve 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
- 110. Tax Rate % $ Tax Revenue Laffer Curve 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
- 111. Tax Rate % $ Tax Revenue Laffer Curve 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
- 112. Tax Rate % $ Tax Revenue Laffer Curve 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Dropped Top Marginal Income Tax Rate from 70% to 28%
- 114. Supply Side Tax Changes Lower marginal tax rates incentivize people to work more and firms to create more.
- 115. Price Level Real GDP orY Fiscal Policy and Negative Supply Shock 18 Long Run Aggregate Supply Short Run Aggregate Supply 19 P1 Aggregate Demand 17
- 116. Price Level Real GDP orY Fiscal Policy and Negative Supply Shock 18 Long Run Aggregate Supply Short Run Aggregate Supply 19 P1 Aggregate Demand 17
- 117. Price Level Real GDP orY Fiscal Policy and Negative Supply Shock 18 Long Run Aggregate Supply Short Run Aggregate Supply 19 P1 Aggregate Demand 17
- 118. Price Level Real GDP orY Fiscal Policy and Negative Supply Shock 18 Long Run Aggregate Supply Short Run Aggregate Supply 19 P1 Aggregate Demand 17 P2
- 119. Price Level Real GDP orY Fiscal Policy and Negative Supply Shock 18 Long Run Aggregate Supply Short Run Aggregate Supply 19 P1 Aggregate Demand 17 P2
- 120. Price Level Real GDP orY Fiscal Policy and Negative Supply Shock 18 Long Run Aggregate Supply Short Run Aggregate Supply 19 P1 Aggregate Demand 17 P2
- 121. Price Level Real GDP orY Fiscal Policy and Negative Supply Shock 18 Long Run Aggregate Supply Short Run Aggregate Supply 19 P1 Aggregate Demand 17 P2 P3
- 122. Price Level Real GDP orY Fiscal Policy and Negative Supply Shock 18 Long Run Aggregate Supply Short Run Aggregate Supply 19 P1 Aggregate Demand 17 P2 P3
- 123. P4 Price Level Real GDP orY Fiscal Policy and Negative Supply Shock 18 Long Run Aggregate Supply Short Run Aggregate Supply 19 P1 Aggregate Demand 17 P2 P3
- 124. P4 Price Level Real GDP orY Fiscal Policy and Negative Supply Shock 18 Long Run Aggregate Supply Short Run Aggregate Supply 19 P1 Aggregate Demand 17 P2 P3 Inflation and Recession
- 125. P4 Price Level Real GDP orY Fiscal Policy and Negative Supply Shock 18 Long Run Aggregate Supply Short Run Aggregate Supply 19 P1 Aggregate Demand 17 P2 P3 Inflation and Recession Stagflation
- 126. Price Level Real GDP orY 18 Long Run Aggregate Supply Short Run Aggregate Supply 19 P1 Aggregate Demand 17
- 127. Price Level Real GDP orY Increase Long Run Aggregate Supply 18 Long Run Aggregate Supply Short Run Aggregate Supply 19 P1 Aggregate Demand 17
- 128. Price Level Real GDP orY Increase Long Run Aggregate Supply Lower Marginal Tax Rates 18 Long Run Aggregate Supply Short Run Aggregate Supply 19 P1 Aggregate Demand 17
- 129. Price Level Real GDP orY Increase Long Run Aggregate Supply Lower Marginal Tax Rates 18 Long Run Aggregate Supply Short Run Aggregate Supply 19 P1 Aggregate Demand 17
- 130. Price Level Real GDP orY Increase Long Run Aggregate Supply Lower Marginal Tax Rates 18 Long Run Aggregate Supply Short Run Aggregate Supply 19 P1 Aggregate Demand 17
- 131. P3 Price Level Real GDP orY Increase Long Run Aggregate Supply Lower Marginal Tax Rates 18 Long Run Aggregate Supply Short Run Aggregate Supply 19 P1 Aggregate Demand 17
- 132. P3 Price Level Real GDP orY Increase Long Run Aggregate Supply Lower Marginal Tax Rates 18 Long Run Aggregate Supply Short Run Aggregate Supply 19 P1 Aggregate Demand 17 Lower Prices
- 133. P3 Price Level Real GDP orY Increase Long Run Aggregate Supply Lower Marginal Tax Rates 18 Long Run Aggregate Supply Short Run Aggregate Supply 19 P1 Aggregate Demand 17 Lower Prices Increase Output
- 134. Time Lags
- 135. Time Lags Do you really know?
- 136. Time Lags Do you really know? Congress approve
- 137. Time Lags Do you really know? Congress approve Effect lag
- 138. Time Lags Do you really know? Congress approve Effect lag Take 1- 3 years
- 139. Time Lags Do you really know? Congress approve Effect lag Take 1- 3 years Counterproductive
- 140. Multiplier
- 141. Multiplier May not be as large as Keynes calculated
- 148. Automatic Stabilizers Job Unemployed Job
- 149. Automatic Stabilizers Job Unemployed Job Taxes
- 150. Automatic Stabilizers Job Unemployed Job Insurance Taxes
- 151. Automatic Stabilizers Job Unemployed Job Taxes Insurance Taxes
- 152. Automatic Stabilizers Job Unemployed Job Taxes Insurance Taxes
- 154. Monetary Tools
- 157. Monetary Tools Discount Rate Reserve Ratio Open Market
- 158. Monetary Tools Discount Rate Reserve Ratio Open Market Excess Reserve Rate
- 159. Monetary Tools Discount Rate Reserve Ratio Open Market Excess Reserve Rate Aggregate Demand
- 160. Monetary Tools Fiscal Tools Discount Rate Reserve Ratio Open Market Excess Reserve Rate Aggregate Demand
- 161. Monetary Tools Fiscal Tools Discount Rate Reserve Ratio Open Market Excess Reserve Rate Taxes Aggregate Demand
- 162. Monetary Tools Fiscal Tools Discount Rate Reserve Ratio Open Market Excess Reserve Rate Taxes Spending Aggregate Demand
- 163. Monetary Tools Fiscal Tools Discount Rate Reserve Ratio Open Market Excess Reserve Rate Taxes Spending Aggregate Demand Aggregate Demand
- 164. Monetary Tools Fiscal Tools Discount Rate Reserve Ratio Open Market Excess Reserve Rate Taxes Spending Aggregate Demand Aggregate Demand Aggregate Supply