Assignment:
Essay questions
Choose two (2) of the following four essays below. Write them on the back of your test paper.
1. Trace the roots of Macroeconomics while giving particular importance to the writing of Adams Smith (1776) and that of John Maynard Keynes (1936).
2. Discuss the three markets of our Macro-economy and explain their components. Give as many examples as possible for each of them.
3. Discuss the creation of the US Federal Reserve system, its composition, and function in our economy.
4. Define David's Ricardo's law of comparative advantage, explain its assumptions, and discuss how it leads to gain through specialization and trade.