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Suppose a person defects from Cuba (a country that generally disregards the use of markets) to the United States and asks to see a market in action. Where would you take her? Did you give her a complete showing of this market?


Answer the following questions:

a. What does GDP measure, and why is it a useful tool for economists, business decision makers, and government policy makers?

b. Explain at least two important things GDP does not measure.


What is the natural rate of unemployment, and how does it relate to the concept of potential (or full-employment) GDP?


How does the aggregate goods and services market differ from the regular supply and demand graph in Chapter 3? Address the measures of price, quantity, and the demand and supply curve(s).


Which will cause a larger short-run increase in prices: an anticipated or unanticipated increase in aggregate demand? Will they cause the same increase in prices in the long run?


What three types of timing problems might policy makers experience when conducting discretionary fiscal policy?


How do new classical economists differ from Keynesian economists in their assumptions about how government borrowing affects household consumption and borrowing patterns?


Briefly explain the three functions of money.


Discuss the following views concerning the impact of monetary policy:

a. Classical

b. Keynesians

c. Monetarists

d. “modern view”


How has macro-policy changed since the 1970s? How have the views of economists on the trade-off between inflation and unemployment changed?

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