Quesion if anyone can help.
1. Compare and contrast the three types of unemployment that are covered within attachment. ; If you were a policy maker which type of unemployment would be most bothersome to you?
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2. ; What costs are associated with inflation? ; Explain at least 3 different costs that individuals or businesses experience when inflation rises.
3. 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 on Slide 40 of the Attend section. ; 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. 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.