Economics (Irwin Economics)
21st Edition
ISBN: 9781259723223
Author: Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn Dr.
Publisher: McGraw-Hill Education
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Question
Chapter 33, Problem 1DQ
To determine
The role of Council of Economic Advisers (CEA).
Expert Solution & Answer
Explanation of Solution
The CEA is a body of officers, who are responsible for advising the president on domestic as well as international
1. Assist and advise the president in the fiscal matters, which is the prime most duty of the CEA by being in the executive office of the president.
2. To compile and submit the studies relating to the developments in the economy to the president by collecting the timely and authoritative data from the economy.
3. To appraise the various economic activities of the government; after a detailed analysis, the required recommendations are laid down to the president.
4. Develop and recommend national economic policies to the president.
5. To prepare the required reports about various aspects of the economy, on president's request.
The members of the Council of Economic Advisers and their university affiliations are as follows:
Jason Furman (28th chairman) holds PhD in Economics from Harvard University.
Sandra Black received B.A from University of California, PhD in Economics from Harvard University.
Jay Shambaugh received B.A from Yale, M.A.L.D from Tufts University and PhD from University of California.
Economics Concept Introduction
Concept introduction:
Council of Economic Advisers: It is the agency which advises the president on economic matters. The office is included within the executive office of the president.
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Students have asked these similar questions
9. True or false? If the statement is false, explain why: LO4
a. An internally held public debt is like a debt of the left hand owed to the right hand.
b. The Federal Reserve and federal government agencies hold more than half the public debt.
c. As a percentage of GDP, the federal debt held by the public was smaller in 2010 than it was in 1990.
d. As a percentage of GDP, the total U.S. public debt is the highest such debt among the world’s advanced industrial nations.
If the real interest rate on government bonds is three percent, real GDP grows at one percent, the current debt-to-GDP ratio is forty percent and the primary
budget deficit as a percentage of GDP is two percent, then the debt-to-GDP ratio will rise in a year by.
percentage points.
O a. 0.28
O b. 0.82
O c. 2.8
O d. 8.2
O e. 82
Suppose that a family's income is exactly the same as the poverty threshold.
This family's income deficit would be
and their ratio of income to poverty would be
O 0; 1
0 ; 0
1;0
O 1;1
Consider a family of four in 2008, whose poverty threshold is $22,024. If this family's total income was $12394, what
would their income deficit be?
income deficit: $
Chapter 33 Solutions
Economics (Irwin Economics)
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