Eco 372 Week 2 Complete Uop Exam Assignment

ECO 372 Week 2 Complete

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DQ 1. Explain the viewpoints of classical and Keynesian economists. How did the economy that existed at the time of these theories influence them? Which theory is more appropriate for the economy today? Why?

DQ 2. What is the economy's current stage in the business cycle? Support your answer with an article written within the last week from the popular press or blog. In light of the text readings, evaluate the article and the source of the article. Based on the information, determine where the economy fits in the business cycle.

DQ 3. Recessions seem to show up every so often and create economic hardship. One might think that macroeconomic policymakers could tame the business cycle and implement policies that would end recessions. Are recessions a necessary fact of macroeconomic life? If not, what would it take to eliminate them? If they are unavoidable, what types of business can benefit from them? How would a recession affect your firm?

Individual Assignment

Resource: Figure 3-1 in Ch. 3 of Macroeconomics.

Part 1

Describe the following terms in your word.

· Gross domestic product (GDP)

· Real GDP

· Nominal GDP

· Unemployment rate

· Inflation rate

· Interest rate

Part 2

Consider the following examples of economic activities:

· Purchasing of groceries

· Massive layoff of employees

· Decrease in taxes

Describe how each of these activities affects government, households, and businesses. Describe the flow of resources from one entity to another for each activity.

Write a 700- to 1,500-word paper summarizing the results.

Develop a list of resources you might use to gather historical economic data as well as economic forecast data....