unemployment rate

unemployment rate

4. Visit http://tinyurl.com/RAfallmacro202 and get the latest GDP figures from section 1, table 1.1.5. Based upon your earlier information from above, and assuming we could achieve an output level of $16.42 trillion: • Where exactly should the NRU be in relation to the current unemployment rate? Make sure you explain what the NRU is • Discuss whether it’s  possible for the actual relationship between the NRU and the current unemployment rate to be different than your answer to the above • Are we at equlibrium right now? Explain your answer, including what equlibrium actually is • What are the different kinds of economic gaps can economy have? Which specific one(s) do we have right now? And on which specific gap should we be focusing our attention on when managing the economy? • A member of Congress, or Parliment as it’s called in some countries, wants to make a recommendation about managing this economy. What kind of economic policy(ies) would this person be using? In other words, would it be fiscal policy, monetary policy, neither, or some combination of the two? Make sure you discuss what fiscal and monetary policy are • Congresswoman Harland wants to manage the economy with just tax changes. By exactly how much should taxes be changed or adjusted? Make sure you say if this would be an increase or a decrease? • Assuming we do exactly what she wants, how would this effect equilibrium, aggregate demand, aggregate supply, inflation, consumption, and aggregate expenditures • Congressman Mickelson wants to handle this economy by adjusting government spending. By exactly how much should government spending be adjusted or changed? Make sure you specify if this will be an increase or a decrease! • Assuming we do exactly what he wants, how would this effect equilibrium, aggregate demand, aggregate supply, inflation, consumption, and aggregate expenditures

5. Jack calculated MPC and MPS and noticed something weird (strange). MPC came out to be greater than one. And his MPS was negative. Is it possible to have a negative MPS? Is it possible to have an MPC higher than 1? And if so, what would all this tell you about consumers? Explain your answers.

6. Suppose the Central Bank were to increase the amount of required reserves banks must hold. How would this effect: • The required reserve ratio, excess reserves, and total reserves • The spending, investment, money, and deposit multipliers. In your answer, be sure to explain what each of these is • APC, APS, MPC, and MPS • Investment demand, aggregate expenditures, demand, and expenditures, and inflation

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