Macro Economics
Description
Each answer must have a minimum of 4 sentences.
- Describe the general effect that government has when it imposes price controls.
- Give an example and describe what would be a truly capitalist country. List in detail why the United States is arguably no longer a capitalist economy.
- Describe the basic functions of a market-based economy. How does it differ from a command economy?
- How does the mercantilist economy differ from a state capitalist economy? Give an example of each.
- List and describe 3 negative effects of excessive regulations. Also, explain how regulations have contributed to hindering how the US economy can adjust to the challenges of the pandemic.
- Explain why inflation is viewed to be negative to most economists. Briefly describe the two main types of inflation and provide an example of each.
- Describe the following goods: substitute, complementary, inferior, normal, durable, nondurable, related, and unrelated – give an example of each.
- How does competitiveness affect markets? Why would the U.S. government want to make or keep certain markets competitive?
- GDP is the standard measurement for economic growth, list criticisms of as to why GDP may not be the best way to analyze economic growth.
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