Write the Philips curve equation and include a clear definition of variables used.
Discuss two relationship between cyclical unemployment and inflation.
Discuss how the aggregate demand curve could be derived from the IS-LM equilibrium illustrate your answer.
Why is it not wise economic move to increase wages when the economy is experiencing high inflation.
Discuss the worker misperception mundel of aggregate supply. Be careful to discuss the assumptions of the model and why it concludes that the aggregate supply curve is upward sloping in the short run.
Discuss how IS curve for the closed economy could be derived in the goods market. Use well labeled diagrams.
Show the effects of a contractionary monetary policy on equilibrium income holding fiscal policy constant.
Discuss the effects of an increase in transfer payments on the IS-LM equilibrium holding monetary policy constant.
Discuss at least 3 critics on classical economists by Keynes.
Differentiate between economic growth( in real terms) and development
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