Course name: Macroeconomics FINAL 1. The two large macroeconomies I selected are China and the United States. 2a. GDP and GDP growth rate Found on http://www.tradingeconomics.com/Economics/Interest-Rate.aspx?Symbol=CNY China U.S. GDP per capita 2000- 949 34606 2001- 1021 34518 2002- 1106 34747 2003- 1209 35318 2004- 1323 36272 2005- 1452 37050 2006- 1612 37757 2007- 1811 38138 2008- 1963 38206 2009- NA NA China U.S. GDP growth rate (avg) 2000- 7.68 4.15
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In what ways has the sustained existence of a trade deficit influenced the conduct of macroeconomic policy in African states such as Tanzania? Since independence African states like Tanzania have sought to use macroeconomic policy to pursue economic development to meet their own agendas as independent states (Mkandawire‚ 2004‚ p295). States sought to assert their new status in the world whilst raising living standards for their people. The states’ ability to exhibit autonomy of action has been
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breadth and depth of what you will be studying is to know the way economics is organized. There are two major divisions in economics: microeconomics and macroeconomics. MICROECONOMICS Microeconomics concentrates on individual units – the household‚ the firm‚ the industry. It sees and examines the “trees”. MACROECONOMICS Macroeconomics
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Policy‚ Economic Stabilization‚ Economic Growth Introduction The achievement of macroeconomic goals namely full employment‚ stability of price level‚ high and sustainable economic growth‚ and external balance‚ from time immemorial‚ has been a policy priority of every economy whether developed or developing given the susceptibility of macroeconomic variables to fluctuations in the economy.. The realization of these goals undoubtedly is not automatic but requires policy guidance. This
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MICROECONOMICS | MACROECONOMICS | As the term “micro” imply‚ microeconomics facilitates decisions of smaller business sectors.Micro Economics studies the problems of individual economic units such as a firm‚ an industry‚ a consumer etc.Micro Economic studies the problems of price determination‚ resource allocation etc.While formulating economic theories‚ Micro Economics assumes that other things remain constant.The main determinant of Micro Economics is price.Microeconomics is the study of decisions
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Classicals Versus Keynesians The classical approach and the Keynesian approach are the two major intellectual traditions in macroeconomics. We discuss the differences between the two approaches briefly here and in much greater detail later in the book. The Classical Approach. The origins of the classical approach go back more than two centuries‚ at least to the famous Scottish economist Adam Smith. In 1776 Smith published his classic‚ The Wealth of Nations‚ in which he proposed the concept of
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in health care is concerned not only with the financial aspects of the system‚ but how those financial elements impact patient care. Like general economics‚ economics in health care makes two general hypotheses: one‚ people are directed by their goals and will act in their own best interest; two‚ although resources are limited‚ human needs and the potential for meeting those needs is limitless. According to Scott‚ Solomon‚ and McGowan‚ “Two basic points are 1) economics is about resource allocation
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answers these questions: What goods and services will be produced? How will they be produced? Who will receive the goods and services? Role of models in economic analysis. Distinguish between microeconomics and macroeconomics. People must make choices as they try to attain their goals. The choices people make reflect the trade-offs made necessary by scarcity. Become familiar with important economic term: -Scarcity and tradeoff -Opportunity cost -Positive and normative economics -Efficiency
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POLICYMAKERS SHOULD NOT TRY TO STABILIZE THE ECONOMY The development of macroeconomic theory has shown policymakers how to reduce the severity of economic fluctuations. By “leaning against the wind” of economic change‚ monetary and fiscal policy can stabilize aggregate demand and‚ thereby‚ production and employment. Although monetary and fiscal policy can be used to stabilize the economy in theory‚ there are substantial obstacles to the use of such policies in practice. One problem is that monetary
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order to maintain stable prices‚ moderate long-term interest rates as well as maximum employment. According to "Board of Governors of the Federal Reserve System" (n.d.)‚ in order to support continued progress toward the above mentioned goals‚ the Federal Open Market Committee “reaffirmed in its October 2014 statement its view that the current 0 to ¼ percent target range for the federal funds rate remains appropriate. In determining how long to maintain this target range‚ the committee
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