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Discuss the differences between macroeconomics and microeconomics. While macroeconomics looks at how an economy performs as a whole
Well, we've finally made it to the end of our study of Macroeconomics! For this reflection, I want you to reflect on the course as a whole.
(a) Based on this table, which year is considered the Base or Reference year? (b) Calculate (Year3) GDP price index.
Q1. Describe the goals of the macroeconomic economy. Q2. Identify the frameworks economists use to analyze the macroeconomy.
Locate an online news article that discusses impacts to GDP in some way. Summarize the article and explain its relation to/impact on GDP.
Show the effect of this shock on aggregate output depends on the size of the intertemporal substitution effect of the real interest rate on current leisure.
Think of a product or service that you loved that is no longer available. Why do you think the firm stopped producing or providing that good or service?
On your graph in part (1), show how the economy will adjust in the long run in the absence of any discretionary policy action.
What is the answer to federal government budgeting? Feel free to respectfully respond to another user's comment.
Now suppose that GDP increases by $60 billion in each of the five countries. What would be the new level level of saving in each country?
Suppose that the government plan to have a tax cut of Euro. If the initial GDP is of 200 billion, after this operation what do you expect the GDP to be?
Describe the impact of the COVID-19 Recession. Was it predominantly a demand shock, a supply shock, or both?
Draw a correctly labeled graph of the loanable funds market, and show the effect of high business confidence on the equilibrium real interest rate.
What would you call Alberta's Central Bank? What would they do and who would run it? Explain the pros and cons of using another country's currency.
How does making real-world connections to topics help with understanding math concepts that are more difficult?
How often would the consumer go to the bank and how would its average money holdings change if the interest rate were to increase to 10%?
What the price of candy should have been had it followed the overall price change as indicated by CPI, but in reality how much extra did candy prices change.
How often have recessions occurred since the end of World War II (1945)? Comment on how long has the average recession lasted since the end of World War II?
What implications might observation this have for inflation? What implications might this observation have for unemployment?
Does the total effect on output become greater or less from an expansionary fiscal policy when we take into account that the interest rate changes?
What the two contradictions of capitalism are. Why are they important considerations for thoughtful discussion of market system and sustainability generally?
Illustrate the reasoning on these economists on an IS-LM-FE graph, indicating - with letter (i) the initial equilibrium - with letter (ii) the equilibrium.
What is meant by background radiation? What is the normal radiation dose for the average person from background radiation?
Explain how a consumption tax could lead to a decrease in real interest rates. Discuss the various reasons that contributed to financial crisis that occurred.
Explain how you could determine the growth pattern of the industry that you aim to establish a profession in by analyzing the components of GDP.