What is supply? What is demand?
Develop a model of a market, utilizing supply and demand. What are the dominant variables or parameters?
What is a shortage? What is a surplus? DEMONSTRATE (use model)
Via the model, explain the dynamic changes that can happen in a market. Give examples.
Relate the Micro economic model of supply and demand to the Macro-economic modal of Aggregate Demand and Aggregate Supply.
3. Essay Questions. Please answer all parts of each question.
What is Aggregate Demand?
Develop a model showing the importance and effects of Aggregate Demand on the overall economy.
What is Fiscal Policy?
What are the goals of Fiscal Policy?
What are the tools of Fiscal Policy?
Explain the how expansionary Fiscal Policy would be implemented.
What is the presumed result of the use of Fiscal Policy?
What are the criticisms regarding the use of Fiscal Policy?
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