Economics complete | Economics homework help
ANSWER THE FOLLOWING QUESTIONS IN AT LEAST 100 WORDS PER QUESTION, USE TEXT AS A REFERENCE NO OUTSIDE SOURCES ARE NEEDED. THE REFERENCE TO THE TEXT
IS: Sexton, R. L. (2013). Exploring Economics (6th ed.). South-Western Cengage Learning.
Compare and contrast the three types of unemployment, (frictional, structural, and cyclical). If you were a policy maker which type of unemployment would be most bothersome to you?
What costs are associated with inflation? Explain at least 3 different costs that individuals or businesses experience when inflation rises.
Explain why transfer payments are not included in GDP.
4. Using the components of GDP covered in section 22.1 of your text, explain which component would be affected by the following (only one component should be chosen for each scenario):
a. You buy an Italian purse.
b. You buy a new house.
c. New lanes are added to Interstate 40.
d. You buy groceries.
e. You buy a new washer and dryer.
5. Suppose the economy is at a macroeconomic equilibrium as is shown in section 25.6 of the text. The government decides to give every taxpayer a $500 tax refund.
a. What happens to the aggregate demand curve after the refund?
b. What happens to the price level after this change?
c. Is real wealth increased or decreased as a result of the refund?
6. Review Section 22.7 in your text. Compare and contrast the results of the Classical Model and the Keynesian model after an expansionary policy. Keep in mind that the economy is in a recession and not at full employment. Address the following:
a. The shape of the aggregate supply curve in each model in both the long-run and short-run.
b. The effect of an expansionary policy on aggregate demand in both the long-run and short-run.
c. The effect of an expansionary policy on the price level in both the long-run and short-run.
How it Works
It only takes a couple of minutes to fill in your details, select the type of paper you need (essay, term paper, etc.), give us all necessary information regarding your assignment.
Once we receive your request, one of our customer support representatives will contact you within 24 hours with more specific information about how much it'll cost for this particular project.
After receiving payment confirmation via PayPal or credit card – we begin working on your detailed outline, which is based on the requirements given by yourself upon ordering.
Once approved, your order is complete and will be emailed directly to the email address provided before payment was made!