Short Answer Exercise 1 Units 1-4 Answer the following questions in a few paragraphs. Value: 2 marks each 1. In unit 1 three interpretations were presented of changes in the welfare state over the last two decades. The views were called the mature institutions view, the crisis view, and the restructuring view. Briefly describe one of these views using some of the evidence and arguments provided in unit 1.; 2. Keynesian theory has been described as a revolution in economics. Describe the major difference between the Keynesian theory of how the economy operates and Adam Smith’s theory. How did this difference affect the decisions of economic policy makers in the 1930s, the 1940s, and the 1950s? 3. Three causes of inflation were described in unit 4. They were inertia, demand shocks, and supply shocks. Explain one of these concepts in your own words. 4. Read the articles by Peter C. Newman and Clyde Graham in your Readings Manual for Module 2. Briefly explain the criticisms directed at the Bank of Canada in these articles. 5. Read the chapter by Jim Stanford, (Interest: The Impact of Monetary Policy. According to Stanford, what effect has macroeconomic policy had on Canada’s social programs? Total value: 10 marks;
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