please answer each question in 3 pages long and cite the sources in Apa format
1) Using the Aggregate Production/Aggregate Expenditure model, show how Keynesian policy might be used to correct for a recessionary gap of 22,000 units assuming a marginal propensity to consume of .65. What are the real-world hazards of undertaking this sort of policy? What would the neoclassical critique be of such a policy? Use graphs and show your mathematical work.
2) Compare and contrast the “pre-analytic visions” of Marx, Smith, Ricardo and Keynes. How does each vision influence their final model and ultimately their policy recommendations?
3) Discuss the evolution of Classical Economics into what we see today as Neo-Classical Economics (Friedman and Lucas). Compare and contrast Smith, Ricardo,Friedman, and Lucas. What is the role of rationality and exchange and expectations in each theory?
4) Using an Aggregate Supply/Aggregate Demand model, illustrate the differences between Keynesian, Monetarist, and Neoclassical models with particular emphasis on the efficacy of macroeconomic policy.
5) Is there a trade-off between unemployment and inflation in the Keynesian mindset? What about for Lucas or Friedman? Use graphs in each case.
