Economics Homework Help

Some are multiple-choice and others require being solved and worked through. Will list the topics that are covered at the bottom of this description. Can only send one question at a time. Can not go back to a question either. Once it is complete it’s gone. There is no time limit. You are able to stop at one question and come back at a later time which I will have to do. If you don’t feel confident in doing these Pearson my lab econ questions to a 100% certainty, please don’t bid on the question because I will give a bad review.

Outline 1 (Chapter 5: The Wealth of Nations – Defining and Measuring Macroeconomic Aggregates)

• Macroeconomic Questions
• National Income Accounts: Production = Expenditure = Income
  • Production
  • Expenditure
  • Income
  • Circular Flows
  • National Income Accounts: Production
  • National Income Accounts: Expenditure
  • National Income Accounting: Income
• What isn’t measured by GDP?
  • Physical capital depreciation
  • Home production
  • The Underground Economy
  • Negative Externalities
  • Gross domestic product versus Gross national product
  • The increase in income inequality
  • Leisure
  • Does GDP buy happiness?
• Real versus Nominal
  • The GDP Deflator
  • The Consumer Price Index
  • Inflation
  • Adjusting Nominal Variables

Outline 2 (Chapter 6: Aggregate Incomes)

• Inequality around the world
• Productivity and the aggregate production function
  • Productivity differences
  • The aggregate production function
  • Labor
  • Physical Capital and Land
  • Technology
  • Representing the Aggregate Production Function
• The role and determinants of technology
  • Technology
  • Dimensions of Technology
  • Entrepreneurship

Outline 3 (Chapter 9: Employment and Unemployment)

• Measuring employment and unemployment
• Equilibrium in the labor market
  • The demand for labor
  • Shifts in the labor demand curve
  • The supply of labor
  • Shifts in the labor supply curve
  • Equilibrium in a competitive labor market
• Why is there unemployment?
  • Voluntary unemployment
  • Job search and frictional unemployment
• Wage rigidity and structural unemployment
  • Minimum wage laws
  • Labor unions and collective bargaining
  • Efficiency wages
  • Downward wage rigidity
• Cyclical unemployment and the natural rate of unemployment

Outline 4 (Chapter 11: The Monetary System)

• Money
  • The functions of money
  • Types of money
  • The money supply
• Money, prices and GDP
  • Nominal GDP, real GDP and inflation
  • The quantity theory of money
• Inflation
  • What causes inflation?
  • The consequences of inflation
  • The social costs of inflation
  • The social benefits of inflation
• The Federal Reserve
  • The Central Bank and the objectives of monetary policy
  • What does the central bank do?
• Bank reserves and the plumbing of the monetary system
  • Bank reserves and liquidity
  • The demand side of the federal funds market
  • The supply side of the federal funds market and equilibrium in the Federal funds market
  • The Fed’s influences on the money supply and the inflation rate
  • The relationship between the federal funds rate and the long-term real interest rate

Outline 5 (Chapter 12: Short-Run Fluctuations)

• Economic fluctuations and business cycle
• Macroeconomic Equilibrium and Economic Fluctuations
  • Labor Demand and Fluctuations
  • Sources of Fluctuations
    • Technology shocks: Explanation from real business cycle theory
    • Sentiments and multipliers: Explanation from John Maynard Keynes
    • Monetary and Financial Factors: Explanation from Milton Friedman
  • Multipliers and Economic Fluctuations
  • Equilibrium in the medium run: Partial recovery and Full recovery
• Modeling Expansions

Outline 6 (Chapter 13: Countercyclical Macroeconomic Policy)

• The role of countercyclical policies in economic fluctuations
• Countercyclical monetary policy
  • Controlling the federal funds rate
  • Other tools of the Fed
  • Expectations, Inflation and Monetary Policy
  • Contractionary monetary policy: control of inflation
  • Zero lower bound
  • Policy Trade-offs
• Countercyclical Fiscal Policy
  • Fiscal policy over the business cycle: Automatic and Discretionary components
  • Analysis of Expenditure based fiscal policy
  • Analysis of taxation based fiscal policy
  • Fiscal policies that directly target the labor market

Policy waste and policy lags