The Roots of MacroeonomicsMacroeconomics ConcernsGovernment in economyChapter 5: Introduction to MacroeconomicsWeek 2Presenter:Zheng ZhangJan 25, 2012Zheng ZhangChapter 5: Introduction to Macroeconomics
The Roots of MacroeonomicsMacroeconomics ConcernsGovernment in economyTable of Contents1The Roots of Macroeonomics2Macroeconomics Concerns3Government in economyZheng ZhangChapter 5: Introduction to Macroeconomics
The Roots of MacroeonomicsMacroeconomics ConcernsGovernment in economyMacroeconomicsFigure 1: MacroeconomicsZheng ZhangChapter 5: Introduction to Macroeconomics
The Roots of MacroeonomicsMacroeconomics ConcernsGovernment in economyQuestionswhat is the difference between Classical econ and Keynesianecon?( 2011Mid1 M6;2012Mid1 M8)What is sticky price vs. flexible price? (2012Mid1M8;2011Mid1 M15)What is fine tuning?(2010Mid1 M36 Page 219)What is stagflation?Zheng ZhangChapter 5: Introduction to Macroeconomics
The Roots of MacroeonomicsMacroeconomics ConcernsGovernment in economyClassicals v.s. KeynesiansJust as in the history of music and art there has been classicalism vsromanticism with each dominating for a period of time. In economics,Classical School and Keynesian School also alternate to dominateMacroeconomics.Zheng ZhangChapter 5: Introduction to Macroeconomics
The Roots of MacroeonomicsMacroeconomics ConcernsGovernment in economyKeynes vs HayekThe rival of a century: Friedrich Hayek(1899-1992) vs JohnKeynes(1883-1946)Zheng ZhangChapter 5: Introduction to Macroeconomics
The Roots of MacroeonomicsMacroeconomics ConcernsGovernment in economyKeynesian vs Classical2011Mid1 M6 Page 203According toself-correcting.economists, the economy isA command systemB KeynesianC ClassicalD MarxistBackZheng ZhangChapter 5: Introduction to Macroeconomics
The Roots of MacroeonomicsMacroeconomics ConcernsGovernment in economyKeynesian vs Classical2011Mid1 M6 Page 203According toself-correcting.economists, the economy isA command systemB KeynesianC ClassicalD MarxistBackZheng ZhangChapter 5: Introduction to Macroeconomics
The Roots of MacroeonomicsMacroeconomics ConcernsGovernment in economyKeynesian vs Classical2012Mid1 M8 Page 192According to John Maynard KeynesA an excess supply of labor would drive down wages to a newequilibrium level.B unemployment could not persist.C there is no role for government in the economy.D government could intervene in the economy and affect the level ofoutput and employment.BackZheng ZhangChapter 5: Introduction to Macroeconomics
The Roots of MacroeonomicsMacroeconomics ConcernsGovernment in economyKeynesian vs Classical2012Mid1 M8 Page 192According to John Maynard KeynesA an excess supply of labor would drive down wages to a newequilibrium level.flexible price assumptionB unemployment could not persist. sticky wage may lead topersistent unemploymentC there is no role for government in the economy.D government could intervene in the economy and affect the level ofoutput and employment.BackZheng ZhangChapter 5: Introduction to Macroeconomics
The Roots of MacroeonomicsMacroeconomics ConcernsGovernment in economyTable of Contents1The Roots of Macroeonomics2Macroeconomics Concerns3Government in economyZheng ZhangChapter 5: Introduction to Macroeconomics
The Roots of MacroeonomicsMacroeconomics ConcernsGovernment in economyQuestionsWhat is Macroeconomics concerned with?( 2011Mid1M6;2012Mid1 M8)What is business cycle? (2012Mid1 M6; 2012 Mid IM9;2010Mid1 M16)Zheng ZhangChapter 5: Introduction to Macroeconomics
The Roots of MacroeonomicsMacroeconomics ConcernsGovernment in economyPrice Level StabilityFigure 2: what has caused the fluctuation in price level?Zheng ZhangChapter 5: Introduction to Macroeconomics
The Roots of MacroeonomicsMacroeconomics ConcernsGovernment in economyPrice Level StabilityFigure 3: We all hope economy is going to be like thisZheng ZhangChapter 5: Introduction to Macroeconomics
The Roots of MacroeonomicsMacroeconomics ConcernsGovernment in economyPrice Level StabilityFigure 4: But sometimes it may be like thisZheng ZhangChapter 5: Introduction to Macroeconomics
The Roots of MacroeonomicsMacroeconomics ConcernsGovernment in economyPrice Level StabilityFigure 5: Then this is going to happenZheng ZhangChapter 5: Introduction to Macroeconomics
The Roots of MacroeonomicsMacroeconomics ConcernsGovernment in economyMacroeconomics Concerns2012 Mid I M7 Page 192Macroeconomics is concerned withA price level stabilityB economic growthC unemployment.D all of these.BackZheng ZhangChapter 5: Introduction to Macroeconomics
The Roots of MacroeonomicsMacroeconomics ConcernsGovernment in economyMacroeconomics Concerns2012 Mid I M7 Page 192Macroeconomics is concerned withA price level stabilityB economic growthC unemployment.D all of these.BackZheng ZhangChapter 5: Introduction to Macroeconomics
The Roots of MacroeonomicsMacroeconomics ConcernsGovernment in economyBusiness CycleFigure 6: US economy in Business CycleZheng ZhangChapter 5: Introduction to Macroeconomics
The Roots of MacroeonomicsMacroeconomics ConcernsGovernment in economyBusiness CycleFigure 7: Business CycleZheng ZhangChapter 5: Introduction to Macroeconomics
The Roots of MacroeonomicsMacroeconomics ConcernsGovernment in economyBusiness Cycle2012 Mid I M6 Page 192If the economy is in the expansionary phase of the business cycle,thenA the rate of change in economic activity is negative.B there is no change in the level of economic activity.C the level of economic activity is negative.D the rate of change in economic activity is positive.BackZheng ZhangChapter 5: Introduction to Macroeconomics
The Roots of MacroeonomicsMacroeconomics ConcernsGovernment in economyBusiness Cycle2012 Mid I M6 Page 192If the economy is in the expansionary phase of the business cycle,thenA the rate of change in economic activity is negative.B there is no change in the level of economic activity.C the level of economic activity is negative.D the rate of change in economic activity is positive.BackZheng ZhangChapter 5: Introduction to Macroeconomics
The Roots of MacroeonomicsMacroeconomics ConcernsGovernment in economyBusiness Cycle2012 Mid I M9 Page 192In a business cycleA the period from a trough to a peak is called an expansion.B output increases and unemployment decreases in a contraction.C output and employment fall during an expansion.D the trend growth line is negative sloping.E the peak of a new business cycle is lower than the peak of theprevious business cycle.BackZheng ZhangChapter 5: Introduction to Macroeconomics
The Roots of MacroeonomicsMacroeconomics ConcernsGovernment in economyBusiness Cycle2012 Mid I M9 Page 192In a business cycleA the period from a trough to a peak is called an expansion.B output increases and unemployment decreases in a contraction.C output and employment fall during an expansion.D the trend growth line is negative sloping.E the peak of a new business cycle is lower than the peak of theprevious business cycle.BackZheng ZhangChapter 5: Introduction to Macroeconomics
The Roots of MacroeonomicsMacroeconomics ConcernsGovernment in economyTable of Contents1The Roots of Macroeonomics2Macroeconomics Concerns3Government in economyZheng ZhangChapter 5: Introduction to Macroeconomics
The Roots of MacroeonomicsMacroeconomics ConcernsGovernment in economyQuestionsWhat is Fiscal Policy concerned with?( 2011Mid1 M9 2010Mid1M1)What is Monetary Policy concerned with?What is Supply Side policy? (2011Mid1 M7)Can you locate the three markets in Circular Flow Diagram?Zheng ZhangChapter 5: Introduction to Macroeconomics
The Roots of MacroeonomicsMacroeconomics ConcernsGovernment in economyGovernment Role in EconomyFigure 8: Huge US Government DebtZheng ZhangChapter 5: Introduction to Macroeconomics
The Roots of MacroeonomicsMacroeconomics ConcernsGovernment in economyMonetary PolicyFigure 9: How much money do we need?Zheng ZhangChapter 5: Introduction to Macroeconomics
The Roots of MacroeonomicsMacroeconomics ConcernsGovernment in economySupply Side PolicyFigure 10: Less Tax;Less Government Spending;Industry DegregulationBackZheng ZhangChapter 5: Introduction to Macroeconomics
The Roots of MacroeonomicsMacroeconomics ConcernsGovernment in economySupply Side Policy2011Mid 1 M7 Page 204would advocate a policy of government reducingcorporate profit taxes to encourage investment.A Classical economistsB Keynesian economistsC Marxist economistsD Supply-side economistsBackZheng ZhangChapter 5: Introduction to Macroeconomics
The Roots of MacroeonomicsMacroeconomics ConcernsGovernment in economySupply Side Policy2011Mid 1 M7 Page 204would advocate a policy of government reducingcorporate profit taxes to encourage investment.A Classical economistsB Keynesian economistsC Marxist economistsD Supply-side economistsBackZheng ZhangChapter 5: Introduction to Macroeconomics
The Roots of MacroeonomicsMacroeconomics ConcernsGovernment in economyFiscal Policy2011 Mid I M9 Page 204;Fiscal Polices are concerned with policies regardingA income;savingB taxes;expendituresC revenues;earningsD money supply;money demandBackZheng ZhangChapter 5: Introduction to Macroeconomicsand
The Roots of MacroeonomicsMacroeconomics ConcernsGovernment in economyFiscal Policy2011 Mid I M9 Page 204;Fiscal Polices are concerned with policies regardingA income;savingB taxes;expendituresC revenues;earningsD money supply;money demandBackZheng ZhangChapter 5: Introduction to Macroeconomicsand
The Roots of MacroeonomicsMacroeconomics ConcernsGovernment in economyCircular Flow Diagram2010Mid1 E1Where are the goods-services, labor and money markets?(Note:Transfer Payment refers to redistribution of income whichinclude financial aid, social security,health care etc.)Zheng ZhangChapter 5: Introduction to Macroeconomics
The Roots of Macroeonomics Macroeconomics Concerns Government in economy Chapter 5: Introduction to Macroeconomics W
MassBay EC 201 Principles of Macroeconomics 3 -- Bridgewater ECON 102 Principles of Macroeconomics 3 MassBay EC 201 Principles of Macroeconomics 3 -- Fitchburg ECON 1100 Principles of Economics: Macroeconomics 3 MassBay EC 201 Principles of Macroeconomics 3 -- Framingham ECON 101 Principles of Macroeconomics 3
Part One: Heir of Ash Chapter 1 Chapter 2 Chapter 3 Chapter 4 Chapter 5 Chapter 6 Chapter 7 Chapter 8 Chapter 9 Chapter 10 Chapter 11 Chapter 12 Chapter 13 Chapter 14 Chapter 15 Chapter 16 Chapter 17 Chapter 18 Chapter 19 Chapter 20 Chapter 21 Chapter 22 Chapter 23 Chapter 24 Chapter 25 Chapter 26 Chapter 27 Chapter 28 Chapter 29 Chapter 30 .
36) Macroeconomics differs from microeconomics in that A) macroeconomics studies the decisions of individuals. B) microeconomics looks at the economy as a whole. C) macroeconomics studies the behavior of government while microeconomics looks at private corporations. D) macroeconomics focuses on the national economy and the global economy. Answer: D
TO KILL A MOCKINGBIRD. Contents Dedication Epigraph Part One Chapter 1 Chapter 2 Chapter 3 Chapter 4 Chapter 5 Chapter 6 Chapter 7 Chapter 8 Chapter 9 Chapter 10 Chapter 11 Part Two Chapter 12 Chapter 13 Chapter 14 Chapter 15 Chapter 16 Chapter 17 Chapter 18. Chapter 19 Chapter 20 Chapter 21 Chapter 22 Chapter 23 Chapter 24 Chapter 25 Chapter 26
Topics in Macroeconomics 2 Chapter 1 Topics in Macroeconomics 2 Economics Division University of Southampton February 1 & 5, 2010 . Chapter 1 25/34 Topics in Macroeconomics. Chapter 1: Introduction Macroeconomic Events Intro
DEDICATION PART ONE Chapter 1 Chapter 2 Chapter 3 Chapter 4 Chapter 5 Chapter 6 Chapter 7 Chapter 8 Chapter 9 Chapter 10 Chapter 11 PART TWO Chapter 12 Chapter 13 Chapter 14 Chapter 15 Chapter 16 Chapter 17 Chapter 18 Chapter 19 Chapter 20 Chapter 21 Chapter 22 Chapter 23 .
INTRODUCTION TO MACROECONOMICS COURSE DESCRIPTION There are two major branches in economics: ¾ Microeconomics ¾ Macroeconomics . OUTLINE OF THIS COURSE Introduction – Scope of Macroeconomics – Macroeconomic data and its me
most of the attention of students of macroeconomics. These matters are the topics to be examined this course (ECN202), Introductory Macroeconomics. Macroeconomics is a course that interfaces with several other academic disciplines. A significant amount of the material covered in this cours