Exercise Answers 1. Supply side trickle down 2. Supply 3. GDP 4. Land, Labor, Ca
ID: 1156056 • Letter: E
Question
Exercise Answers
1. Supply side trickle down
2. Supply
3. GDP
4. Land, Labor, Capital.
5. Discretionary
6. Economics
7. A. What goods and services to produce, B. How to produce them, C. Who gets them
8. Microeconomics
9. Adam Smith
10. Opportunity cost
11. Demand
12. Macroeconomics
13. Trumpnomics
14. Discount rate
15. Federal Reserve
16. Peak, recession, bottom, expansion.
17. Discouraged workers
18. Deficit
19. Economist in chief
20. Real
21. Business Cycle
22. Josef Schumpeter
23. John M. Keynes
24. Defense
25. Nominal
26. Mandatory entitlement
27. Surplus
28. Classical model
29. Bill Clinton
30. Protect
31. Government spending and taxation
32. Fed funds rate
33. Debt
34. Reaganomics
35. Inflation
36. Monetarist
37. Reserve requirement ratio, discount rate, and Open market operations
38. Laissez Faire
39. Roosevelt , Kennedy, Obama
40. TARP, American Recovery and Reinvestment Act ( G up) and Fed rate cuts.
41. Keynesian model.
42. Milton Friedman
43. Free and competitive
44. Keynesian bottom up
45. Hoover, Coolidge, and Harding.
46. Tariff
47. Laffer
48. Comparative advantage
49. Demographic Tsunami
Exercise : Write number in space below. Use each # once
Use the #s from page 1. Use each # once.
The classical model also believes in balanced budgets and _________(Leave the economy alone, no need for fiscal and monetary policy).
For the most part 3 Republican Presidents who followed the classical model were ________ and the 3 Democratic Presidents who followed the Keynes aggregate expenditure model were ________. The 3 stimulus programs during the administration of Barack Obama were ________________. The model that believes that inflation can be controlled by controlling long term monetary growth is the __________model developed by economist __________. Supply Side economics or ________ believes that excessive government regulation and taxes reduces incentives to work and start a business. Reaganomics also believes in the ________curve graph showing how tax cuts to the wealthy “pay for themselves” / produce more revenue. A tax cut to the wealthy which is saved and invested in a new business which creates jobs for the less wealthy in the long term is a _______________ tax cut. A tax cut to the less wealthy that is spent to increase short term consumption and create a demand for goods and services is a _____________________tax cut. A _________is a tax on a foreign good designed to make the foreign good more expensive so you will buy the American made good and ________American jobs. The opposite of protectionism is free trade in an open economy based on _____________ / producing the good that your are most efficient or best in or the good that gives you the least opportunity cost when produced.
________is a mix of supply side economics and economic nationalism (renegotiating trade deals, tariffs to ensure fair trade, getting firms to invest in America ). In the end, economics is about making our lives better by using Microeconomics to make the right efficient choices about scarce resources (firms supply what consumers demand) and using Macroeconomic fiscal and monetary policy to keep GDP growing with low inflation and low unemployment .
Explanation / Answer
The classical model also believes in balanced budgets and ______#38___(Leave the economy alone, no need for fiscal and monetary policy).
For the most part 3 Republican Presidents who followed the classical model were ___#45_____ and the 3 Democratic Presidents who followed the Keynes aggregate expenditure model were ___#39_____. The 3 stimulus programs during the administration of Barack Obama were ______#40__________. The model that believes that inflation can be controlled by controlling long term monetary growth is the _____#36_____model developed by economist ____#42______. Supply Side economics or ___#34_____ believes that excessive government regulation and taxes reduces incentives to work and start a business. Reaganomics also believes in the ___#47_____curve graph showing how tax cuts to the wealthy “pay for themselves” / produce more revenue. A tax cut to the wealthy which is saved and invested in a new business which creates jobs for the less wealthy in the long term is a _______#1________ tax cut. A tax cut to the less wealthy that is spent to increase short term consumption and create a demand for goods and services is a _________#18____________tax cut. A ___#46______is a tax on a foreign good designed to make the foreign good more expensive so you will buy the American made good and __#11______American jobs. The opposite of protectionism is free trade in an open economy based on __________#48___ / producing the good that your are most efficient or best in or the good that gives you the least opportunity cost when produced.
___#13_____is a mix of supply side economics and economic nationalism (renegotiating trade deals, tariffs to ensure fair trade, getting firms to invest in America ). In the end, economics is about making our lives better by using Microeconomics to make the right efficient choices about scarce resources (firms supply what consumers demand) and using Macroeconomic fiscal and monetary policy to keep GDP growing with low inflation and low unemployment .
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