1.
What impact would a change that shifts an economy’s production possibilities
curve outward have on the long run aggregate supply curve? How have
improvements in computer technology affected production possibilities and the
long run aggregate supply curve? Explain2.
Construct the AD, SRAS, and LRAS curves for an economy experiencing:
(a)
full employment, -figure A
(b)
an economic boom,-figure B
and (c) a recession- figure C3.
What is a budget deficit? How are budget deficits financed? Why do Keynesians
believe that budget deficits will increase aggregate demand?
4. When output and employment slowed in early 2008, the Bush Administration and
the Democratic Congress passed a legislation sending households a check for
$600 for each adult (and $300 per child). These checks were financed by
borrowing. Would a Keynesian favor this action? Why or why not?
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