Economic Principles And Problems A Pluralist Introduction 1st Edition Geoffrey Schneider - Solutions

Describe, compare, and evaluate the New Keynesian, supply-side, and political economy models of economic growth and the policies each group advocates to stimulate growth.
Explain how exponential growth affects the standard of living of various countries.
Critically evaluate the ideas of economists regarding recessions and their applicability to the last three U.S. recessions.
Identify and describe the characteristics of the last three U.S.recessions.
Compare and contrast the different explanations of the business cycle put forth by Keynesian, political, and laissez-faire economists.
List and explain the different factors economists have identified that can result in a recession.
Summarize and critically evaluate the views of laissez-faire, New Keynesian, supply-side, and political economists on expansionary monetary policy and its relationship with inflation.
Explain the theory and debate over the nonaccelerating inflation rate of unemployment.
Use graphs of the money market and aggregate demand and aggregate supply to analyze the impact of different monetary policies.
List, explain, and analyze the impact of the U.S. Federal Reserve Bank policy tools.
Describe the regulatory landscape of U.S. banking and financial markets.
Critically analyze the concept of financialization and whether or not financialization presents a significant problem in modern economies.
Describe the role that financial markets, especially stock markets, play in the economy.
Compare and contrast the mainstream economics and political economy models of the money market and explain the debate over whether money is exogenously or endogenously determined.
Use the mainstream and political economy models of the money market to determine how changes in key variables will affect the money supply and the interest rate.
Explain how banks work and how they can create money via the money (deposit) multiplier.
Differentiate between commodity money and fiat money and explain why economists believe that fiat money is better for economic stability.
Describe the history of money and the role it has played in various economies.
Describe and evaluate the effectiveness of the fiscal policies used in the Great Recession and the COVID-19 recession to stabilize the economy.
Analyze the arguments of economists regarding the appropriate size of government deficits and debt.
Critically evaluate the arguments of laissez-faire, supply-side, New Keynesian and political economists on the size and role of government and the use of fiscal policy in recessions.
Use the aggregate demand–aggregate supply model to analyze the impact of changes in government spending and lump sum taxes on aggregate demand, real GDP, and prices.
Explain the use of automatic stabilizers and discretionary fiscal policy to stabilize the economy.
Describe the major fiscal priorities of the U.S. government and compare and contrast those priorities with the approaches of other governments in developed countries.
Compare and contrast mainstream and political economy approaches to the aggregate expenditure model and aggregate demand and supply model.
Explain how the aggregate expenditure model corresponds with the aggregate demand curve in mainstream economics.
Analyze how changes in the components of aggregate expenditure or in the components of the marginal respending rate affect equilibrium national income.
Determine the equilibrium level of national income using an aggregate expenditure chart or graph.
Explain how consumption, investment, government spending, and net exports interact to determine aggregate expenditure.
Describe the consumption function and its relation to the savings function.
Describe and analyze the critique of the AD–AS model by political economists.
Critically evaluate the applicability of the classical model and the Keynesian model to the modern economy.
Use the classical model and the Keynesian model to analyze how the macroeconomy will respond to a temporary downturn, a recession, and an overheated economy.
Use the multiplier to determine exactly how much the aggregate demand curve will shift in response to specific changes in one of the components of aggregate demand.
Compute the multiplier using the marginal respending rate.
Define the marginal respending rate, list its components, and explain how the marginal respending rate and its components are related to the multiplier.
Use an aggregate demand and aggregate supply graph to determine how a variety of factors will affect the national price index and real gross domestic product (GDP).
Compare and contrast perspectives on the quantity theory of money and the Phillips curve.
Explain the causes and costs of deflation and inflation and critically evaluate potential policy solutions to these market failures.
Compute the rate of inflation, the real wage, and the real interest rate.
Critically analyze the possible solutions to the problems of unemployment and underemployment.
Evaluate the effectiveness of the unemployment rate and the labor force participation rate in reflecting the unemployment situation in a country.
Describe the costs of unemployment, how the unemployment rate is computed, and the types of unemployment.
Explain how the Better Life Index, the genuine progress indicator, and the World Happiness Index are constructed and evaluate their effectiveness relative to real GDP in measuring human economic well-being.
Analyze the limitations of real GDP as a measure of well-being.
Relate the three different ways in which GDP can be computed using the expenditure, value added, or income approach and how GDP is related to other measures of national income such as gross national product.
Describe the circular flow model of the economy, including the expenditure side and the income side, as well as all of the leakages and injections in the model.
Explain and demonstrate how real GDP is constructed and how it is related to nominal GDP and the price index (GDP deflator).
Explain the characteristics of the typical modern business cycle in the United States, along with the three major perspectives of economists regarding how the government should respond to recessions.
Contrast the views of New Keynesian economists with the views of supply-side, laissez-faire, and political economists.
Analyze how macroeconomic theory has changed in the United States since the Great Depression in response to macroeconomic changes.
Describe the evolution of the U.S. macroeconomy and the global macroeconomy since the Great Depression.
Define real GDP, unemployment, inflation, and labor force participation and explain how they illustrate an economy’s macroeconomic performance.
Lay out the approach taken by feminist economists and stratification economists in their study of economic inequality.
Describe the degree of racial and gender inequality in the United States and evaluate the effectiveness of polices to address racial and gender inequality.
List and explain additional factors that impact class inequality.
Analyze how social class impacts inequality and people’s opportunities in life.
Describe how inequality has changed in recent decades and the measures economists use to determine the degree of inequality.
Use the mainstream economics model of the labor market to determine the equilibrium quantity of labor a firm should hire using marginal revenue product and marginal factor cost.
Describe and evaluate the arguments for and against the minimum wage.
Use the mainstream economics model of the labor market to determine how various events will affect the wage rate and the number of workers employed.
Analyze the power dynamics between workers and employers and determine the major forces that seem to be driving changes in the labor market in the United States and other countries.
Explain how employers are able to motivate workers using the carrot or stick approach and how these approaches tend to vary by industry.
Use the political economy model of the division of the workday to explain the conflicts between workers and employers.
Describe the major trends affecting employment opportunities in various industries.
Describe and evaluate the different ways in which developed countries provide health care and education.
Critically analyze John Kenneth Galbraith’s argument that we have a social imbalance with too many private and too few public goods.
Use a graph to explain how mainstream economists attempt to determine the optimal quantity of a public good and why the private sector will not supply the optimal quantity of a public good without some form of government intervention.
Define and give examples of public and quasi-public goods.
Critically analyze and evaluate various policy options to address the economic problems associated with climate change.
Apply the principles of ecological economics and environmental economics to analyze the economics of climate change.
List and describe the likely economic impacts of climate change.
Explain the approach taken by ecological and environmental economists to environmental issues.
Critically evaluate the perspectives in the debate over how much government intervention we should have in capitalist market economies given the prevalence of market failures and government failures.
Identify and give examples of the major sources of government failure.
Analyze the effectiveness of U.S. efforts to deal with market failures, drawing on the examples provided in the text.
List the government policies that can be used to correct each type of market failure.
List the eight types of market failure and explain why markets are not effective in each area.
Determine the appropriate role for government in the regulation of large corporations given the arguments for and against large corporations in modern capitalism.
Describe and evaluate the arguments of Baumol and Friedman that large corporations are behind the best aspects of modern capitalism—innovation and growth.
Define corporate hegemony and analyze the dark side of corporate behavior using specific examples.
Describe the principal–agent problem and moral hazard and explain how corporations use stock options to get executives to focus on short-term profits and stock prices.
Explain the role of limited liability corporations in the U.S. economy.
Analyze and evaluate the behavior of specific oligopolistic industries using the economic theories and tools described in this chapter.
Use a payoff matrix to determine dominant and consistent strategies of oligopolies.
List and describe the different types of collusion we tend to find in oligopolies.
Use the kinked demand curve model to explain why we often see sticky prices and price leadership in oligopolies and why oligopolies have an incentive to collude.
Explain the key characteristics of oligopolistic industries and how those characteristics shape behaviors and outcomes in specific industries.
Describe and evaluate the strategic options for a monopolistically competitive firm.
Analyze how institutional characteristics and barriers to entry affect monopolistically competitive markets.
Determine what will happen in the long run to firms in a monopolistically competitive market.
Use a table or graph of a monopolistically competitive firm to determine the profit-maximizing level of output and the amount of economic profit or loss the firm is experiencing in the short run.
Analyze the different views of monopolies and monopoly power by Austrian, mainstream and political economists.
Evaluate different policy options for regulating different kinds of monopolies.
Explain what a natural monopoly is and why economists prefer to have one firm in such industries.
Determine the profit-maximizing level of output for a monopolist in the short run using a table or a graph.
Explain why price (demand) is greater than marginal revenue in industries with market power and downward-sloping demand curves.
Critically analyze the implications and applicability of the mainstream model of perfect competition.
Analyze what will happen to prices and quantities for a typical firm and market in the long run using the mainstream model of perfect competition.
Use a graph or table to determine the profit-maximizing level of output for a perfectly competitive firm in the short run and to determine all relevant costs, revenues, and profits at that level of output.

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Economic Principles And Problems A Pluralist Introduction 1st Edition Geoffrey Schneider - Solutions

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