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Part 2: Stats-Book and Theory Questions Note: When analysis is warranted, more credit will be given for answers that use the diagrams presented in class. More credit will also be given for answers that include a “story” providing an intuitive explanation of the situation. For stats-book questions, more credit will be given for more specific answers.
The U.S. economy fails at times, but mostly succeeds. Present statistical evidence of your choosing that provides evidence supporting this fact. (15 points)
Robert Solow won a Nobel Prize in economics for showing technological improvement, more than anything else, explains the rather steady improvement in the U.S. living standard over time. Present an analysis that explains why technological improvement will tend to improve the living standard. In the process, also explain how an improvement in technology will tend to impact the economy’s employment level, output level, and price level. (15 points)
The composition of output changed radically during World War II as the U.S. shift resources to fight the war. There was also a rather significant change in the composition during the Great Depression, as the U.S. economy faltered. Present data that is informative regarding how the composition of output was different during WWII and the Great Depression compared to normal times. (15 points)
Present a composition of output analysis that shows how normal economic growth will tend to change the composition of output if government does NOT change its taxation level nor its government spending level (15 points)
Identify one “demand side” shock that could throw the economy into a recession. Then, assume the economy is in a recession, producing less than its potential, and propose and action government could take to get the economy out of the recession. Present an analysis that explains why the action you propose will help get the economy out of the recession. (20 points)