Discussion

 

1. Explain the problems giving rise to this statement: “You would think the government would want to do something to improve economic conditions when the economy is in trouble, but the government is slow to act.”

2. Is the public debt a burden on future generations? Explain.

3. If we as individuals would continue to spend more than we made, we would sooner or later have to pay up or go bankrupt. Our government is in the same position or will be unless we get serious about our liabilities and reduce expenditures enough to reduce the deficits or increase revenues enough to pay our bills and have some left over to pay the old bills. Evaluate this statement.

4. Explain and evaluate THREE of the following statements (refer to topics in Chapter 14 of your textbook):

a. The invention of money is one of the great achievements of humankind, for without it the enrichment that comes from broadening trade would have been impossible.

b. Money is whatever society says it is.

c. People often say they would like to have more money, but what they usually mean is that they would like to have more goods and services.

d. When the price of everything goes up, it is not because everything is worth more but because the currency is worth less.

e. Any central bank can create money; the trick is to create enough, but not too much, of it.

5. What fiscal policy actions did the U.S. government take in 2008 and 2009?

 

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