Question 1

Use the image below to explain what happened to aggregate supply and demand during the Great Recession.

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Question 2

Give three reasons why the Great Recession of 2007-2009 came to be known as the Great Recession.

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Question 3

Discuss the features on the graph below using a classical perspective on macroeconomics.

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Question 4

Summarize the general attitudes of classical economists and Keynesian economists with regard to price flexibility, the necessity of government intervention, and the time period of interest.

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Question 5

Imagine you are a Keynesian economist. Argue against the classical economists. List their primary beliefs and offer rebuttals from the Keynesian perspective.

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Question 6

Compare and contrast Keynesian and classical views on savings and government spending on the macroeconomy.

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Question 7

Use the image below to explain what happened to aggregate supply and demand during the Great Depression.

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Question 8

John Maynard Keynes quipped, "In the long run we are all dead." Explain how this relates to classical and Keynesian macroeconomic theory.

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Question 9

The Great Depression is commonly thought to have been the result of the stock market crash of 1929. Describe any other related factors that could have contributed to the Great Depression, with an eye toward aggregate supply and demand models.

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Question 10

The Great Recession is named as such because it differs from typical post-World War II recessions in significant ways. Describe these differences, and explain the causes of the differences using an aggregate supply and demand model.

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Question 11

Imagine you are a classical economist. Argue against the Keynesian economists. List their primary beliefs and offer rebuttals from the classical perspective.

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Question 12

Define and relate macroeconomic policy, fiscal policy, and monetary policy.

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Question 13

Explain the Great Depression and the Great Recession from the point of view of Keynesian economics.

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Question 14

In the 1930s, Presidents Hoover and Roosevelt raised taxes in order to balance the budget. Also in 1930, Congress passed the Smoot-Hawley Tariff Act, which imposed taxes on imported goods. Using an aggregate supply and demand model, explain the impact of these policies.

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Question 15

Explain the Great Depression and the Great Recession from the point of view of classical economics.

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