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- In the classical model with a closed economy, if the interest rate is too low, then investment is too compared to savings; as a result, the interest rate will high; rise high; fall low; rise O low; fallDifferentiate between Classical and Keynesian Economists approach to savings.Per the classical economists, if the quantity of money that people wanted to save was greater than the amount that people wanted to invest, the interest rate would fall. True or False
- Consider a country whose economic structure matches the assumptions of the classical model. After reading a recent best-seller documenting a growing population of low-income elderly people who were ill prepared for retirement, most residents of this country decide to increase their saving at any given interest rate. Explain whether or how this could affect the following: a. The current equilibrium interest rate b. Current equilibrium real GDP c. Current equilibrium employment d. Current equilibrium investment e. Future equilibrium real GDPIn the classical model, savings and investment determine the rate of interest. O True O FalseIn the classical model, what are the effects of an increase in government spending?
- A year ago a country reduced the tax rate on all interest income from 20% to 10%. During the year private saving was $500 billion as compared to $400 billion the year before the tax reform. Taxes on interest income fell by $10 billion. Assuming no other changes in income, or government revenues or spending, which of the following is correct? a. the substitution effect was larger than the income effect; national saving rose b. the substitution effect was larger than the income effect; national saving fell c. the income effect was larger than the substitution effect; national saving rose d. the income effect was larger than the substitution effect; national saving fellwhy increasing government expenditure causes interest rate to rise?Explain how the Keynesian view differs from the classical view with respect to saving. Explain further how the two views differ with respect to investment.
- "In the classical model, the equilibrium level of real Gross Domestic Product (GDP) is completely supply-determined." Do you agree or disagree? Why?Defend or Refute. “John Maynard Keynes rejected the theory of classical economics that there will be an automatic adjustment in the economy when there is a deviation in the economy from full- employment. Keynes added that the government should intervene in the economy by spending more to induce the income and spending of the people”. Explain your position.What does it mean by the logic: When output is too low, what needed is an increase in demand for goods and services. Investment is one component of demand, and saving equals investment. Therefore, if the government could just convince households to attempt to save more, then investment and output would increase.
