Compare and contrast the use of government spending changes versus tax changes as a means of influencing the course of the economy. Is one or the other preferable in specific situations? What are the short-run and long-run implications? What solutions do you recommend? (Think beyond the scope of the video and keep it to economical thought.) What would a Neoclassical economist say about your solutions? What would a Keynesian economist say about your solutions? Apply economic theories and models to support your response

Q: Which of these situations describe an equilibrium, and which does not? If not, what would an…

A: The above given cases are analyzed as follows:

Q: A key skill in economics is the ability to use the theory of supply and demand to analyse specific…

A: A shock to the market is the event under which there is a disruption of the normal functioning of…

Q: Why is economics so useful for, or amenable to, policymaking?

A: Policy making refers to the plans of the government according to the vision and current situation…

Q: In what way is neoclassical economics different from old and new institutional economics? Which…

A: Neoclassical economic: Neoclassical economics is a school of economic thought where the demand and…

Q: It’s the year 2050, and things are a little crazy (crazier?) in America. Sen. Shellow Bazic (Texas)…

A: The labour market can be characterised as the relationship of workers and their employers in the job…

Q: Why is Nordhaus's optimal trajectory higher than 2 degrees?

A: In the 1977, William Nordhaus , an economist from Yale University, observed through his research…

Q: what are the three approches in measuring economics activity? why do they give the same answer

A: Economic activity means when a country is economically active that means there is some activity…

Q: Economics(including finance)is a social science that studies how to allocate scarce resources.…

A: The presence of assumptions is fundamental to the study of economics. Without these assumptions, we…

Q: Using “The Evolution of Economic Thought” book by Randy R. Grant and Stanley L. Brue as your…

A: One of the most well-researched and important schools of thought on how economies function is the…

Q: imagine that upon purchasing a helmet an economist pays a deposit of $700.  Calculate the present…

A: Present value or PV is given as  PV= FV(1+r)n Where FV is future value r is rate of discount n is…

Q: Suppose that Joe enjoys and repeatedly does stupid things like getting heavily into debt and…

A: According to the economists, errors refer to an action that reduces the chance of success for an…

Q: The idea that standard economic model is a good predictor of behavior if people have sufficient time…

A: Preference hypothesis can be understood as, if a consumer is given to choose a combination A out of…

Q: Which of the following would a Laissez-Faire economist advocate in a time of economic recession

A: Laissez-faire economist advocate complete freedom of firms.

Q: One of the following scopes under the definition of macroeconomics is NOT TRUE     A)…

A: Macroeconomics refers to that branch of economics which is concerned with the entire economy as a…

Q: Describe four ways in which critics hold that neoclassical economic approaches can worsen…

A: Neoclassical economics is a collection of economic strategies that concentrate on deciding the…

Q: Political biases have no impact on an economist’s opinions? True or False

A: This statement is false.

Q: Discuss the core notions of the market-friendly approach, one of the three ideological strands…

A: Neoclassical economics is a very wide approach that tries to explain the production of goods and…

Q: The methodology of ________ economics says that models should be based on predictions and not…

A: The methodology of economic studies the methods of the scientific methods which are in relation to…

Q: What do we learn about human behavior by looking at the outcomes of the Dictator Game and the…

A: In economics, economists have been studied many economic games for decades and to test the behavior…

Q: Explain the difference(s) between an economic and an econometric model.

A: Economics studies how products and services are produced, distributed, and consumed. It investigates…

Q: If you were the Prime Minister of the country, would you be more interested in your economic…

A: An economic advisor is a professional who gives master guidance on economic issues. This job can be…

Q: What are the responsibilities of an economic analyst? Elaborate in complete sentences using…

A: An economic analyst collects, analyses, and applies complicated data in order to produce actionable…

Q: Using “The Evolution of Economic Thought” book by Randy R. Grant and Stanley L. Brue as reference,…

A: Neoclassical economics is a dominant school of thought in modern economics that emphasizes the role…

Q: Explain the difference(s) between an economic and an econometric model . Write down examples for…

A: Economic models are used by the economist to explain consistently recurring relationships. This…

Q: Q1: How does the so-called 'weak' approach to sustainability within neoclassical economics differ…

A: Macroeconomics is a part of economics that deals with production, decision and allocation concerning…

Q: What does it mean for a policy outcome to be a Pareto Improvement? What about a Potential Pareto…

A: Pareto improvement is when an individual is made better off without making anyone worse off.

Q: What policies will a Neoclassical Economist tell the government to enact in order to foster a…

A: According to Neoclassical economists, economic growth is highly dependent on the supply side. This…

Q: What are 4 basic assumptions of neoclassical economics

A: As economies and societies developed, the study of economics got more complicated. Hence, as a…