Bergen community college economics

BERGEN COMMUNITY COLLEGE Division of Business, Arts and Social Sciences Department of Social Sciences Prof. Richard D. Comerford A-233 (201) 447-7166 rcomerford@bergen.edu ECO 101 Macroeconomics (Section 007 M/W 3:15-4:30 PM) FINAL EXAM (5-4-20/3:15 olr) Directions: Please answer the following 3-part question in essay format. You should be thorough, specific and accurate. Your goal is to demonstrate what you know about the topic. Make sure you respond with a Word or PDF document so I can open it. Failure to do so will result in a late penalty. Note as well that the window for submitting your exam will be limited. For your class that is normally scheduled for M/W 3:15 to 4:30 PM the exam will be posted by 3:15 PM and must be completed by 6:15 PM. Failure to meet the submission deadline will carry a stiff penalty of 1 full grade or more. (Your responses should be independently arrived at and in your own words. Collaboration or plagiarism, if detected, will be reported to Student Affairs for the appropriate discipline. Please be advised.) Question: Specifically, in detail, and with relevant examples answer the following: 1) How does Fiscal and Monetary Policy in theory each correct both a Recessionary and an Inflationary Gap; 2) Explain the “Operational Lag”, “Net Export Effect”, “State and Local Finance”, “Political Business Cycle”, and the “Liquidity Trap” issues with regard to Fiscal and Monetary Policy; and 3) in what specific ways, if any, are these issues either Strengths or Weaknesses of these two Macro-stabilization policies. Be specific and thorough. ...
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