Answered: Differentiate between the following…

Macroeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506756

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter11: Fiscal Policy: The Keynesian View And Historical Development Of Macroeconomics

Section: Chapter Questions

Problem 1CQ

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Differentiate between the following terms.

Stock variable and flow variable.
Assumptions in AD/AS models and assumptions in Keynesian models.

Absolute advantage and comparative advantage.

Nationalisation and privatisation.

Expansionary fiscal policy and expansionary monetary

Definition Video Definition Ability of a country to produce more output with a given level of input or to produce the same level of output with a lower level of input as compared to the other countries. For example, if Country A produces 200 units with the help of 10 units of labor, and Country B produces 300 units with 10 units of labor, Country A has an absolute advantage in the production of the good. Video

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Step 1 Flow and stock variable

Differentiate between the following terms:

Stock variable and flow variable.

Economics and related fields often distinguish between quantities that are stocks and those that are flows. These differ in their measurement units.

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