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1 Nov 2018

When we disscussed the stagflation of the 1970s. We argued that policy makers should have acted more aggressively witn expensionary policies the fight thr recessions that occurred during that time.
True or False?

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Related questions

Answer the following questions as "True" or "False", and explain why.

a) According to Real Business Cycle Theory, recessions are the inevitable consequence of an expansion of credit leading to malinvestments that eventually go bust.

b) According to Real Business Cycle Theory, recessions should be combated with expansionary monetary policy, but not with deficit spending on the part of the federal government.

c) According to the Post-Keynesian view, people typically use all available information when making decisions, otherwise known as 'rational expectations'.

Discuss the following:

Climate change policy in Ontario

• New provincial government ends carbon pricing policy

• New plan to reduce emissions out for public consultation

• Min. of Environment ruled out carbon pricing (towards the end of article)

• Province believes it is not an effective way to change behavior:

“We are out talking to people about the approach we're going to take… That approach won't include a carbon price. But we do, for example, plan, as we said during the election, to have an emissions-reductions fund to fight climate change.”

“We are focusing on the polluters, in terms of people producing the most emissions, not on individual families and people.”

• Besides carbon pricing (either through tax or cap-and-trade), what other options does the province have?

• In light of the above quotes, how might these policies perform?

QUESTION 41

The consumer price index is intended to measure the cost of all goods purchased in the economy over time.

True

False

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QUESTION 42

When an economy has reached a zero unemployment rate, it is said to have reached full employment.

True

False

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QUESTION 43

The official unemployment rate is a useful but not altogether accurate measure of joblessness.

True

False

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QUESTION 44

The two types of reserves are federal reserves and required reserves.

True

False

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QUESTION 45

Automatic stabilizers, such as tax revenues and transfer payments, eliminate fluctuations in the business cycle.

True

False

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QUESTION 46

When the actual rate of unemployment is equal to the natural rate of unemployment, we conclude that there is no cyclical unemployment.

True

False

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QUESTION 47

Increased government regulation can cause the aggregate supply curve to shift to the left.

True

False

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QUESTION 48

The price index in the base year is normalized so that it equals 100.

True

False

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QUESTION 49

If the Federal Reserve wants to increase the money supply, it should raise the required reserve ratio.

True

False

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QUESTION 50

The aggregate supply curve in the long run is vertical because wages and other input prices respond completely to a change in price level.

True

False

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QUESTION 51

Public choice analysis helps us to understand why deficits seem inevitable, since we always pay the full costs of government programs today.

True

False

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QUESTION 52

Expansionary demand-side fiscal policies set up a tradeoff between increasing output at the expense of raising prices.

True

False

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QUESTION 53

Cathy works part-time as a bookkeeper but would like to have a full-time position. She has been actively searching for months but so far has not found a job. According to the Bureau of Labor Statistics, Cathy is unemployed.

True

False

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QUESTION 54

The real rate of interest is the nominal rate of interest times the inflation rate.

True

False

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QUESTION 55

The time required to comprehend that a recession has in fact begun is called the recognition lag.

True

False

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QUESTION 56

If an economy is in long-run equilibrium, it is also in short-run equilibrium.

True

False

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QUESTION 57

Policymakers can increase output by enacting policies that expand government spending, consumption, investment, or net exports or reduce taxes.

True

False

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QUESTION 58

When Disney builds a new amusement park in the United States, it is counted as part of GDP.

True

False

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QUESTION 59

The oil shock of 1973 led to demand-pull inflation.

True

False

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QUESTION 60

Casey is a 16-year-old high school student who has no marketable skills. He has been browsing the want-ads in the local newspaper for months but finally got so discouraged that he quit looking. According to the Bureau of Labor Statistics, Casey is unemployed.

True

False

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