Section one example (classical and Keynesian economics) theory policy and application
1- Compare and contrast the classical and Keynesian model using the circular flow diagram. How does Keynes explain the existence of a low-employment equilibrium?
2- What was Keynes critique of the classical determination of the interest rate?
3- Explain the Keynesian consumption function
4- Draw the Keynesian cross diagram and explain the slope and meaning of the two lines.
5- What reasons did Keynes give for the interest rate inelasticity of investment during a recession?
6- Explain the multiplier effect.
7- Critically discuss the Keynesian inspired set of policies enacted in the US in 2009.
Section two
1- Using a simple bank balance sheet, explain how commercial banks create money.
2- In which ways can a central bank affect the money supply in an economy?
3- What does the accelerator principle have to say about how effective expansionary monetary policy is during a recession?
4- Explain conventional and unconventional monetary policy with examples
*Note two sections are separate but equally weighted
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