(Solved) 1.Explain the use of the Lorenz curve and the Gini Coefficient as measures of i

Chapter 11
4.   Illustrate the Circular Flow Model.
a.   What are examples of leakages?
b.   What are examples of injections?
5.   Explain the difference between GDP and GNP.
6.   Why is GDP not a precise/accurate measure of economic welfare?
Chapter 12
7.   What is the Business Cycle? What are the four phases?
8.   What are factors that modify the Business Cycle?
9.   What is the longest cyclical expansion on record in U.S. history? What were the causes?

Chapter 13
10.   Explain Classical Analysts ideology.
11.   Explain Keynesian Analysts ideology.
12.   Define aggregate expenditure and name its four components.
13.   What is the Marginal Propensity to Consume and why does the marginal propensity to consume determine the size of the multiplier?
14.   What is the Marginal Propensity to Save and how does it also aid in determining the size of the multiplier?
15.   What is the Multiplier Effect? How is it calculated?

Chapter 14
16.   What are the functions of money?
17.   Distinguish between M1 and M2 Classifications.
18.   How do reserve requirements on bank deposits affect a bank’s ability to create money?
19.   What is the purpose of the Consumer Price Index (CPI) and how is it calculated?

Chapter 15
20.   What are the roles of the 12 Federal Reserve Banks?
21.   With respect to the Fed, what is the most important instrument of monetary management? How is it used?
22.   Explain the reserve requirement and the discount rate. Give an example of how each is applied in monetary policy.

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1.Explain the use of the Lorenz curve and the Gini Coefficient as measures of i

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