The Future 2055 The U.S. economy is at full employment. President North West is

Question

The Future 2055 The U.S. economy is at full employment. President North West is spending billions of dollars on military equipment in the U.S. He is also attempting to carry out his promise to put a man on Mars by the end of the decade. He is considering increasing government spending by increasing the space programs budget to reach this goal. You are one of his advisors.

a. Using the AD/AS model graph the economy at full employment. Assume sticky wages.

b. Redrawing the graphs show the economic implications of increasing govern- ment spending on the space program.

c. With words describe what would happen in the short run to prices, output, the interest rate, and employment.

d. Recommend a policy that corrects any problems that spending on Mars mis- sions may be causing in the U.S. economy and show using graphs how this policy helps?

Explanation / Answer

Michelle Knight stood outside the Cleveland home where Ariel Castro held her and two other women for a decade and released dozens of yellow balloons Wednesday for other missing children. "Nobody was there for me when I was missing, and I want the people to know, including the mothers, that they can have strength, they can have hope, and their child will come back," Knight said as construction crews prepared to tear down her captor's home. She added that her visit conveyed the message that "there is hope for everyone." Castro's two-story "house of horrors" was due to be razed days after he was sentenced to life behind bars without parole plus 1,000 years. Castro, 53, held Knight, Gina DeJesus and Amanda Berry at the house against their will until Berry was able to kick her way through the front door in May and escaped with her daughter. Castro accepted a deal to spare him the death penalty in exchange for pleading guilty to a 937-count indictment that included numerous counts of rape, kidnapping and aggravated murder. Two local companies planned to demolish the house for free, NBC News affiliate WKYC reported. Castro agreed to pay $22,000 to cover the demolition costs as a condition of his plea deal.

President Barack Obama gave an unexpectedly serious and wide-ranging interview to Jay Leno on Tuesday night, weighing in on a terror threat, U.S. tensions with Russia and even his recent lunch with Hillary Clinton on "The Tonight Show" %u2014 a venue where he was more accustomed to light-hearted joking. Obama used his appearance on the show - his sixth - to give his first public comments on recent warnings of a possible terrorist attack on U.S. interests in the Middle East, warnings that have prompted the State Department to shutter 19 diplomatic posts across the Middle East and North Africa until Saturday. The president and Leno chatted about a range of topics including the case of National Security Agency leaker Edward Snowden, plus the secret government data surveillance programs his leaks to the press uncovered, the economy, immigration, the Trayvon Martin case and the president's health care law

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