08 Jun Question ECN 304: Economics of Social Issues
Question
ECN 304: Economics of Social Issues
Department of Economics
Syracuse University
Fall 2015
Homework 1
[Total Points = 50 pts.]
Notes:
· Read the questions carefully.
· Full credit will be given only when (1) your answers are correct and (2) you explain the steps or reasoning behind your answers.
· Due date: Wednesday, September 16th, in class and in hard copy
Questions:
1. Define business cycles. How is national debt affected by business cycles? [5 pts.]
2. Given 2 examples of programs that are “off-budget” in the U.S. federal government budget. Is the U.S. federal government currently running an off-budget deficit or surplus? Why? [5 pts.]
3. Define “cyclical deficit” and “structural deficit.” Are “cyclical deficits” more or less of a concern than “structural deficits”? Why or why not? [10 pts.]
4. Draw a supply and demand diagram representing the bonds market. Explain in words and show on the diagram the effects of increasing government borrowing on the price and yield of bonds. Label the diagram carefully and show any shift of the curve(s) clearly. [10 pts.]
5. What is the likely impact of large and growing national debt on investment by private firms? Support your answers with a diagram illustrating the effects of budget deficits in the loanable funds market. Label the diagram carefully and show any shift of the curve(s) clearly. [10 pts.]
6. Explain the likely impact of large and growing national debt on the future generations of a debtor nation via the “inter-generational income transfer” and the “inter-country income transfer” perspectives. [10 pts.]
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