7 points 23 why did the great depression last so long

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Macroeconomics for Today
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Chapter 20 / Exercise 2
Macroeconomics for Today
Tucker
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(increased the severity and duration). (7 points)23.Why did the Great Depression last so long? Discuss the Aggregate Demand-Based (Keynesian) explanations. In your discussion of the Aggregate Demand Based explanations, be sure to discuss and quantify (if discussed inclass) the changes in all components of GDP. (2 points per component) 4
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Macroeconomics for Today
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Chapter 20 / Exercise 2
Macroeconomics for Today
Tucker
Expert Verified
24.What was the objective of the National Industrial Recovery Act (NIRA)? Describe the initiatives contained in the NIRA and discuss how these initiatives were supposed to achieve this objective. (7 points)Were these objectives achieved? Provide evidence (3 points)25.What were the major provisions of the Agricultural Adjustment Actof 1933? (5 points)What were the major provisions of the Agricultural Adjustment Actof 1938? (5 points)26.What were the major provisions of the Federal Emergency Relief Act? points)How were its funds administered? (3 points)Why was this controversial? (3 points)27.In class we discussed Robert Higgs’ analysis “Wartime Prosperity?” Explain his analysis that that the low unemployment rate did not increase American’s well-being (3 points). Explain his analysis that the increases in conventionally measured GNP was notan indicator of prosperity (2 points) What are his arguments with respect to the claim that consumption increased (3 points)? What is his conclusion about why people generally believe that WWII was the end of the return of prosperity (2 points)28.Consider the increase in married women’s labor force participation after WWII. Which age cohorts participated in significantly higher percentages in the 1950-1970s and for what reason? (5 points)Which age cohorts participated in greater percentages since the1970s and why? (5 points)(4 ? 5

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