Chapter 25: Q. 13 (page 623)
What tradeoff does a Phillips curve show?
A Phillips curve shows the tradeoff among joblessness and expansion in an economy.
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List three practical problems with the Keynesian perspective.
In its recent report, The Conference Board’s Global Economic Outlook , updated November(http://www.conference-board.org/data/ globaloutlook.cfm), projects China’s growth betweenand to be about . International Business Times (http://www.ibtimes.com/us-exports-china-havegrown--over-past-decade-) reports that China is the United States’ third largest export market, with exports to China growing over the last ten years. Explain what impact China has on the U.S. economy.
What is the Keynesian prescription for recession? For inflation?
Return to the table from the Economic Report of the President in the earlier Work It Out feature titled “The Phillips Curve for the United States.” How would you expect government spending to have changed over the last six years?
Explain what types of policies the federal government may have implemented to restore aggregate demand and the potential obstacles policymakers may have encountered.
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