Answer the following questions:
– What is the relevance of research and development to an economy’s productivity? Among major economies, how does the United States rank in R&D spending as a share of the GDP?
– Define industrial policy. What are some arguments for and against industrial policy?
-Does the overall unemployment rate offer and accurate picture of the impact of unemployment on each U.S. population group?
– If actual inflation exceeds anticipated inflation, who will lose purchasing power and who will gain?
– What did classical economists assume about the flexibility of prices, wages, and interest rates? What disagreements did Keynes have with classical economists?
– What effect did the COVIT-19 financial crisis of 2020 have on the federal budget deficit?
-What are the three important functions of money? Define each one of them.
– Why is universal acceptability such an important characteristic of money? What other characteristics can you think of that might be important to market participants.
– In acting as financial intermidiaries, what needs and desires of savers and borrowers must banks consider?
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