Macroeconomics In Context: A European Perspective 1st Edition Sebastian Dullien, Neva Goodwin, Jonathan M. Harris, Julie A. Nelson, Brian Roach, Mariano Torras - Solutions

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Our longest uninterrupted economic expansion took place mainly in the decade of the . (LO5)a) 1940sc) 1960se) 1980sb) 1950sd) 1970sf) 1990s
There were no recessions during the administration of. (LO5)a) Dwight D. Eisenhowerb) Ronald Reaganc) Bill Clintond) George W. Bush
During World War II most of the people who got jobs in defense plants were who had experience building planes, tanks, and warships. (LO2)a) men, substantialb) men, noc) women, substantiald) women, no
Our economic growth began to slow markedly. (LO5)a) in the early 1940sb) in the early 1960sc) in the early 1970sd) between 1982 and 1985
Which statement is true? (LO5)a) President Eisenhower attempted to undo most of the New Deal.b) There was a major tax cut in 1964.c) The federal budget defi cit was reduced during President Lyndon Johnson’s administration.d) None of the above.
Most of the recessions since World War II lasted. (LO5)a) less than 6 monthsb) 6 to 12 monthsc) 12 to 18 monthsd) 18 to 24 monthse) 24 to 36 months
Medicare and Medicaid were inaugurated under the administration of . (LO5)a) Franklin D. Rooseveltb) Harry S. Trumanc) Dwight D. Eisenhowerd) John F. Kennedye) Lyndon B. Johnson
completely changed the face of the United States in the 25 years following World War II. (LO4)a) Almost constant warfareb) Suburbanizationc) Welfare spendingd) The loss of jobs to Japan, India, and China
The age of the great industrial capitalists like Carnegie, Rockefeller, and Swift was in the . (LO2)a) second quarter of the 19th centuryb) third quarter of the 19th centuryc) fourth quarter of the 19th centuryd) fi rst quarter of the 20th centurye) second quarter of the 20th century
The longest economic expansion in our history began in . (L05)a) the spring of 1961b) the winter of 1982c) the spring of 1991d) the fall of 1993
Compared to our economic history between 1870 and 1945, our economic history since 1945 could be considered . (LO2, 5)a) much more stablec) much less stableb) about as stable
Which of the following would be the most accurate description of our economy since the beginning of the new millennium? (LO6)a) We have had virtually no economic problems.b) We are in the worst economic mess since the Great Depression.c) Aside from the federal budget defi cit, we have no major
The infl ation rate declined during the presidency of. (LO5)a) both Eisenhower and Reaganb) neither Eisenhower nor Reaganc) Reagand) Eisenhower
Between 1929 and 1933, output fell . (LO3)a) by about one-tenthc) by about one-halfb) by about one-thirdd) by about two-thirds
The year 2007 could be described as having had a relatively unemployment rate and a relatively rate of infl ation. (LO6)a) low, lowc) high, lowb) high, highd) low, high
Each of the following was a year of high unemployment except . (LO5)a) 1933c) 1944e) 1982b) 1938d) 1975
Between 1939 and 1944, federal government spending rose by more than . (LO2)a) 100%c) 300%e) 500%b) 200%d) 400%
At the time of the American Revolution, about of every 10 Americans lived on a farm. (LO1)a) onec) fi vee) nineb) threed) seven
Which of these best describes the post-World War II recessions in the United States? (LO5)a) They were all very mild, except for the 1981–82 recession.b) They were all caused by rising interest rates.c) None lasted more than one year.d) Each was accompanied by a decline in output of goods and
Each of the following were elements of the New Deal except . (LO3)a) relief, recovery, reformb) a massive employment programc) unemployment insurance and bank deposit insuranced) a balanced budget
Which statement is true? (LO5)a) There was a great deal of stagfl ation in the 1970s.b) We had full employment for most of the 1980s.c) We have had seven recessions since World War II.d) None of the above.
Which statement is false? (LO5)a) President Eisenhower presided over three recessions.b) Our economy has not had an unemployment rate below 5 percent since the early 1940s.c) There were six straight years of economic expansion under President Reagan.d) None of the above. (All of the above are true.)
In the early 19th century, the United States suffered from a scarcity of . (LO1)a) land and laborb) land—relative to laborc) labor—relative to landd) neither land nor labor
Which statement is true? (LO3)a) Twenty-fi ve million Americans were offi cially unemployed in 1933.b) Our economy expanded steadily from 1933 to 1945.c) Once the Great Depression began in 1929, our economy moved almost steadily downhill until the beginning of 1940.d) None of the above.
Today America has the world’s largest economy as well as a very high standard of living. What factors in our economic history helped make this possible?
When our country was being settled, there was an acute shortage of agricultural labor.Over the last 100 years millions of Americans have left the farms. How have we managed to feed our growing population with fewer and fewer farmers?
Inflation has been a persistent problem for most of the 20th century. What were some of its consequences?
Describe, in as much detail as possible, the impact of the Great Depression on the lives of those who lived through it. If you know anyone who remembers the 1930s, ask him or her to describe those times.
How investment is carried out?
Explain how price fl oors cause surpluses.
Explain how price ceilings cause shortages.
Explain what causes shifts in demand and supply.
Determine the equilibrium point in the market for a specifi c good, given data on supply and demand at different price levels.
Defi ne and explain supply .
Defi ne and explain demand in a product or service market.
What enables an economy to grow?
The concept of the production possibilities curve?
The concepts of full employment, full production, and underemployment?
The four economic resources?
The central fact of economics?
The defi nition of economics?
What the “new economy” is and how it differs from the “old economy.”
What major factors affected our economic growth decade by decade from the 1920s into the new millennium.
How our nation was shaped by suburbanization after World War II.
The effects of the Great Depression and the New Deal.
How the Civil War, World War I, and World War II affected our economy.
How we grew from a primarily agricultural nation of 4 million people to an industrial power of more than 300 million.
1. 3. Match each concept in Column A with a definition or example in Column B:Column A Column B 1. Opportunity for developing countries to protect nature reserves or pursue environmentally friendly policies 2. An inverted U-shaped relationship between economic development and environmental
1. 2. Begin at the Web site of the Global Footprint Network(www.footprintnetwork.org) and locate the “Footprint for Nations”under Footprint Basics. Access (or download) the latest Data Tables (in Excel format) and familiarize yourself with this data to complete the following:a. What was the
1.1. Issues of environmental sustainability can sometimes be a bit abstract.This exercise is designed then to an individual level. Start at www.footprintnetwork.org/and familiarize yourself with the notion of“ecological footprints,”then take www.ecologyfund.com/ecology/res_best-foot.html the
1. 11. What is a steady-state economy?
1. 10. What are “green Keynesian” policies? Give some examples.
1. 9. What are some examples of local sustainability?
1. 8. How do environmental impacts differ across the three global income classes?
1. 7. What is the idea of sufficiency?
1. 6. What is a debt-for-nature swap?
1. 5. What are tradable permit systems?
1. 4. What are “green” taxes?
1. 3. What is the environmental Kuznets curve (EKC) hypothesis? What is the evidence regarding this hypothesis?
1. 2. What are some of the projected effects of future climate change?
1.1. What are some of the environmental issues related to economic growth?
1. 2. Do you agree with Keynes’s belief that industrialized countries will soon reach a point at which needs will be “satisfied in the sense that we prefer to devote our further energies to non-economic purposes”? Do you think that we are any closer to this point than in 1930, when Keynes
1.1. Are you optimistic or pessimistic about the future when it comes to reducing global inequalities? Do you believe that the world will be less or more unequal in 50 years? What about environmental problems—do you think they will grow better or worse in your lifetime?
1. 2. Do you think that an economic system can prosper without growth? Can we distinguish among growth in GDP, growth in employment, and growth in well-being? To what extent do these necessarily go together, and to what extent can improvements in employment and well-being be separated from GDP
1.1. Cutting the length of the standard full-time workweek could be one way to keep people employed while cutting down on the “throughput” of materials and energy. Can you think of other policies that might also have this effect?
1. 2. Does reducing environmental impacts require sacrifice, or can it be done in ways that increase overall well-being?
1.1. How do you think your environmental impacts compare with those of the average person in the world?
1. 2. What do you think should be done by the European Union and your country in response to global climate change? Can you think of specific policies that would reduce carbon emissions without resulting in significant economic disruption?
1.1. How do you think we should evaluate the economic impacts of climate change? Check the short executive summary of the Stern Review on the Economics of Climate Change (see Box 19.1). Do you agree with the conclusions of the report?
1. 2. Do you consider yourself a “technological optimist”? Do you believe that natural resource constraints represent a serious threat to economic production in the future? If so, which resources do you think we should be most concerned about?
1.1. Are you concerned about the future impacts of population growth and resource and environmental impacts? Do you think there should be some limits to population and/or economic growth?
1. 15. What is the evidence regarding the performance of the Washington Consensus recommendations?nt of the world’s population 8. A structural reform under the Washington Consensus 9. 2 percent 10. China i. Bilateral development assistance j. A country that has grown despite a lack of natural
1. 14. What are the main principles of the Washington Consensus?
1. 13. What has been the most significant source of foreign capital for economic development in recent years?
1. 12. By what different methods can foreign capital be provided to promote economic development?
1. 11. How can export development both promote and threaten economic growth?
1. 10. Is an abundance of natural capital a prerequisite for economic development?
1. 9. How can investment be used to promote economic development?
1. 8. What is the evidence for and against economic convergence?
1. 7. What is the concept of convergence in economic growth?
1. 6. About how much of the world’s income goes to the richest 20 percent?How much goes to the world’s poorest 40 percent?
1. 5. What factors are generally considered responsible for GDP growth in developed countries? Have the factors responsible for growth been the same in all developed countries?
1. 4. How evenly has economic growth been distributed among different countries in recent decades?
1. 3. What was the Industrial Revolution? What factors were essential in creating the Industrial Revolution?
1. 2. How can economic growth be represented using the AS/AD graphs discussed in Chapter 13?
1.1. Which two variables can be added together to obtain the growth rate of GDP in a country?
1. 2. How would you balance the issue of human development with the issue of economic growth? Is growth essential for human development? Could the answer differ for different countries? What kinds of policies do you think are best for promoting human development?
1.1. How important to you are your income goals relative to your other goals? A recent survey, for example, asked respondents to say whether each of the following was absolutely necessary, very important, somewhat important, not very important, or not at all important “for you to consider your
1. 3. What does the mixed success in achieving the Millennium Development Goals say about current development policies?
1. 2. Do you think the Sustainable Development Goals are realistic or achievable?
1.1. Do you think the categories in the Multidimensional Index of Poverty do a good job of reflecting who is truly poor? If you were asked to add one item to this list, what would it be?
1. 2. Think of a poor country that you know a little about—even if what you know is just where it is on a world map and who its neighbors are.Considering the varieties of sources of economic growth, where would you propose starting to design a development plan for that country?
1.1. Do you think that the economic challenges faced by developing countries today are the same as those faced by industrialized countries when they were starting out? If not, how are they different?
1. 2. What, according to Rostow, are the five “stages of growth” through which all countries must pass in order to become developed? Do you think this theory fits with the actual experience of development? Can you name a country at each stage?
1.1. How, according to twentieth-century theory, can a country achieve GDP growth? How is growth related to the capital endowments—and which kinds of capital are most important?
1. 5. Match each concept in Column A with a definition or example in Column B.Column A Column Ba. International Monetary Fund 1. ECB program to buy government bondsb. European stability mechanism 2. Difference between yield on a specific bond and yield on a high-quality bondc. Bond spread 3.
1. 4. Use the AS/AD model we have used in former chapters. Assume now a combination of strong austerity and structural reforms in goods and labor markets (as they were combined in the economic adjustment programs). What would you expect to happen? To what extent is it sensible to assume that
1. 3. The chapter identifies a series of contributing factors in its exploration of the underlying causes of the euro crisis. It also explains some policy measures taken during the crisis. Identify the major factors and state which of the policy measures address which factor.
1. 2. How did the euro area perform economically relative to other countries during the Great Recession and the euro crisis? Again use the Ameco database and check by how much the following variables have changed between 2007 and 2015 for the euro area as a whole, the UK, the U.S., Sweden, and
1.1. For this exercise, you need to locate GDP and debt data for euro-area countries. Use the EU Commission’s Annual Macroeconomic (Ameco)Online database(http://ec.europa.eu/economy_finance/db_indicators/ameco/index_en.htma. Extract data on real GDP (“constant prices”) for the euro-area

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Macroeconomics In Context: A European Perspective 1st Edition Sebastian Dullien, Neva Goodwin, Jonathan M. Harris, Julie A. Nelson, Brian Roach, Mariano Torras - Solutions

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