Question

1. If you wanted to find out how quickly South Korea was going to grow over the next three quarters what macroeconomic data would you focus on?
2. Use the ideas contained in Hazlitt’s Economics in One Lesson to explain how an economist would analyze the effect of desirability of a tariff on steel imports.
3. Economics shows us that long-run movements in a country’s economy are driven by the supply side. What are those supply side factors that matter the most?
4. Drawing upon what you stated in the previous question, explain to me why you would expect a country that is receptive to immigration may be more likely to grow faster over a thirty-year period than one that has a closed-border immigration policy
5. What is the simple rule used to determine the long-run growth potential of an economy?
6. Macro economists spend a lot of time following indicators such as housing starts, orders for and sales of durable goods such as cars and furniture, and corporate inventories. Why?
7. The use of data as signals about the economy is an important part of this course. Although you have not yet studied the discipline, speculate on how following the level of “retail sales” could tell us more than just the dollar value of retail sales in the U.S. economy.

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1. If you wanted to find out how quickly South Korea was going to grow over the next three quarters what macroeconomic data would you focus on?

If one wants to find out how quickly South Korea is growing and how it will grow in the next three quarters we can focus on the GDP data of the country over the past years and their quarters. We can do a trend analysis of the past quarters to forecast the growth for the next three quarters....

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