Economics

Economics (University of Toronto)

Question 1:

 

Question 4 (20 marks)

1.     (a) Explain why central bank cannot control the money supply perfectly. (6 marks)

2.     (b) Suppose that the economy is experiencing a high unemployment rate and at the same time inflation is quite high. Explain how does the economy return to the natural rate of unemployment if the policymakers also want to achieve low inflation? Explain whether it will be possible to achieve both in the short run?

Please answer this question with well-illustrated diagrams.
(14 marks)

 

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