Question: 1)- Answer following questions: (Total 30 points) a)- Explain following concepts: (Total 15 points, 1.5 points each) Ricardian equivalence theorem, Capital account, Twin deficits, Moral

1)- Answer following questions: (Total 30 points) a)- Explain following concepts:

1)- Answer following questions: (Total 30 points) a)- Explain following concepts: (Total 15 points, 1.5 points each) Ricardian equivalence theorem, Capital account, Twin deficits, Moral hazard in labor market, Adverse selection in labor market, Life cycle hypothesis of consumption, Permanent income hypothesis of consumption, Secular stagnation hypothesis, Consumption Smoothing, and J-Curve

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