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


This preview shows page 1 - 2 out of 2 pages.

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?
Image of page 1
Image of page 2

You've reached the end of your free preview.

Want to read both pages?

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern

Stuck? We have tutors online 24/7 who can help you get unstuck.
A+ icon
Ask Expert Tutors You can ask You can ask You can ask (will expire )
Answers in as fast as 15 minutes