Homework.docx

1. Margaret Thatcher was the Prime Minister of UK from 1979 to 1990.

a. What is the difference between supply side policies and demand management policies?

b. List four supply side policies.

c. Thatcher also used contractionary monetary policy.

i. Using AD-AS diagram show the short-run economic equilibrium with high inflation and high unemployment.

ii. Show the impact of contractionary monetary policy on inflation and unemployment.

2. Evaluate economic conditions in UK during the time period 1975 to 1995 by downloading the data as given in the following table.

Data source:

i. Is there a inflation unemployment trade-off?

ii. Is there evidence for ‘stagflation’?

iii. What are your thoughts on Thatcher Policies?

3.

a. What are the reasons for Japan’s Lost Decade according to the ADB research discussed in the class?

b. Write brief notes on four important reasons on how they contributed to the ‘lost decade.’

 

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