ECO202 1. Explicitly define both fiscal and monetary policy. 2. Compare and contrast the way Keynes and Friedman approach the economy. What are their key differences and similarities? 3. The following are five current or historical government actions dealing with macro-economic policy. For each scenario determine if it represents fiscal policy or monetary policy‚ and explain your answer. a. President Obama has proposed a budget for the next year and the House of Representatives has
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McDonalds Corporation is a fast food restaurant chain with over 36‚000 restaurants serving more than 70 million customers in over 120 countries each day. 85% of the restaurants worldwide are independently owned and operated by local business men and women. It began in 1940 when Dick and Mac McDonald opened McDonalds Bar-B-Q in San Bernardino‚ California. In 1948‚ the restaurant was remodeled to provide walk-up self-service and a 15 cent hamburger was added to the menu. The now famous French fries
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Six necessary mind shifts for implementing strategy”‚ Business strategy Series‚ Vol. 10 Iss: 3pp. 167- 172 Paul Strebel ‚ Why do employees resist change‚ Harvard Business Review‚ Copyright c 1996 by the President and Fellows of Harvard College. Milton Friedman‚ 1970. ‘The social Responsibility of business is to Increase Profits’ The New York Time Magazine‚ 1970‚ September 13.
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36‚ No.3 (2002)‚ 6-8. Berthiaume‚ Dan.‚ “Reebok’s Sourcing Strategy Places Ethics First.” in Chain Store Age. Vol.A (Jan 2006)‚ 32. (accessed October 23‚ 2008) This source is credible because it’s an article stored in the database of Proquest Carroll‚ Archie B.‚ “Ethical Challenges for Business in the New Millennium: Corporate Social Responsibility and Models of Management Morality‚” in Business Ethics Quarterly‚ Vol. 10‚ No. 1 (Jan 2005)‚ 33-42. (accessed November 8‚ 2008). Greenaway‚ David and Richard
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Introduction As the infamous Volkswagen (VW) “Dieselgate” scandal comes to light‚ the United States Environmental Protection Agency (EPA) started testing other automobiles on the road to ensure compliance of regulation. This leads to the exposure of Fiat Chrysler (FC) scandal and Renault scandal in 2017 (Bovens‚ 2017). Similar to VW‚ they were accused using a “defeat device” software to bypass laboratory test on nitrogen oxide (NOx) emission level. Such act of cheating and the increase in scandal
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2012. Web. 03 Feb. 2013. Earleywine‚ Mitchell. Understanding Marijuana: A New Look at the Scientific Evidence. Oxford: Oxford UP‚ 2002. Print. "Marijuana and Medical Marijuana." New York Times. The New York Times‚ 7 Dec. 2012. Web. 03 Feb. 2013. Milton Friedman. "There ’s No Justice in the War On Drugs." There ’s No Justice in the War On Drugs. N.p.‚ n.d. Web. 02 Feb. 2013. "The Cost of a Nation of Incarceration." CBSNews. CBS Interactive‚ 22 Apr. 2012. Web. 13 Feb. 2013.
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Debate Introduction Milton Friedman wrote‚ “There is one and only one social responsibility of business — to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game‚ which is to say‚ engages in open and free competition‚ without deception or fraud.” Friedman did not support firms acting illegally‚ unethically‚ or immorally; he believed the goal of firms was to maximize shareholder wealth within the legal boundaries of society
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deliver to its stakeholders. This view suggests profits first then the following other responsibilities should follow: to abide by societal expectations and ethical principles‚ to meet legal standards and to indulge in discretionary charitable actions (Carroll‚ 1979). The broad view of CSR places emphasis first and foremost on the responsibility of business to support individual managers to make socially responsible decisions‚ followed by the imperatives of conforming to ethical behaviors and obeying
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A key thinker in political economy: Adam Smith and his Invisible Hand theory Introduction Adam Smith’s contributions to the world in generally and to the economic in specifically cannot be denied. According to Brandon (2011)‚ people‚ especially economic students likely recognize him from “the invisible hand metaphor‚ division of labor examples‚ or the promotion of earning honest profit”. These ideologies have been discussed for over 200 years and they are often accepted as the straightforward
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So this was truly a prediction rather than an attempt to explain the past. In the 1970s‚ however‚ persistent inflation provided a test of the Friedman-Phelps hypothesis. Sure enough‚ the historical correlation between inflation and unemployment broke down in just the way Friedman and Phelps had predicted: in the 1970s‚ as the inflation rate rose into double digits‚ the unemployment rate was as high or higher than in the stable-price years of the 1950s and 1960s. Inflation was eventually brought under
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