Review Sheet 3.doc - RARITAN VALLEY COMMUNITY COLLEGE BUSINESS DEPARTMENT Review Sheet 3 Ellen J Lindemann 1 Draw a short run Phillip\u2019s Curve What

Review Sheet 3.doc - RARITAN VALLEY COMMUNITY COLLEGE...

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RARITAN VALLEY COMMUNITY COLLEGE BUSINESS DEPARTMENT Review Sheet 3 Ellen J. Lindemann 1) Draw a short run Phillip’s Curve. What does it represent? Draw a long run Phillip’s Curve. Why does it look different from a short run curve? 2) What is Say's Law? What are the three mechanisms behind Say's Law? Compare the monetarists view with the Keynesian view of Say's Law. 3) What are automatic stabilizers? Give examples of such stabilizers. How do they work and how effective are they? 4) What is meant by fiscal policy? What are the tools of fiscal policy? How does the government use these tools? 5) What is inflation? What are the costs to the economy of inflation? Explain 4 ways the government can slow inflation. 6) What is the Federal Reserve System? What are its goals? What tools are available to the Fed to achieve these goals? How can the Federal Reserve use these tools to stop inflation? 7) How does the banking system create money? Is monetary expansion limitless? Why?
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