8 List and explain the three functions of money 9 What is the backing for the

8 list and explain the three functions of money 9

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8) List and explain the three functions of money. 9) What is the backing for the US dollar? 10) What is the quantity theory of money? What assumptions do the monetarists make about this theory? What conclusion do these assumptions lead to for the monetarists? What is the Keynesian response to this conclusion? 11) In your opinion, can we have another Great Depression? Why or why not? 12) What is potential GDP? Why do some economists argue for government intervention to help us reach potential GDP and why do others argue against intervention? 13) Define deficit and national debt. What should be done to reduce the national debt? 14) It has been argued that providing unemployment insurance discourages people from looking for a job. Do you agree, why or why not? 15) Different explanations have been given for how nations should decide what to trade. Discuss the explanations of Smith, Ricardo and Hecksher-Olin.
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16) Governments have not always encouraged free international trade. What are some reasons why they discourage free trade?
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