Macro & Micro economics ECONOMICSProject description 1. Using the following McConnell textbook weblink for a LAST WORD:Lojack: A CASE OF POSITIVE EXTERNALITIES, evaluate and describe in similar format the CASE OF NEGATIVE EXTERNALITIES.http://novellaqalive2.mhhe.com/sites/0077238737/student_view0/ebook/chapter16/chbody25/last_word.htm2. Discuss the various types of unemployment. Define and include relevant examples of each. Have you witnessed anyone you know who are or were unemployed? Include their economic story.What is the definition (and fully explain) the goal Full Employment.If actual inflation is greater than anticipated inflation, who benefits and who is hurt. Explain.Is GDP an accurate indicator of economic well-being? Is GDP an inaccurate indicator of economic well-being?3 You are a macro policy maker for the CEA (Council of Economic Advisors). You have experience with the Congress (Fiscal Policy).Current BLS and BEA statistics on the United States Economic situation:*Real Gross Domestic Product (in billions of 2005 dollars) $12,000 RGDP a year ago $13,000*CPI (Consumer Price Index) 200 CPI a year ago 190*Unemployment Rate 10.5% Unemployment Rate a year ago 7.0%What economic problem for the United States? What are your Fiscal Policy goals? What Fiscal Policy would you consider appropriate? Why? Analyze using Aggregate Demand (AD)/Short-RunAggregate Supply (SRAS), Long-Run Aggregate Supply (LRAS) diagram to illustrate the effects of your policy recommendations on the economy.What would you anticipate will happen and give full explanation of the following:Output Employment Price Level Interest Rates (Money Market Graphic Analysis REQUIRED) Investment (business sector) (Investment Demand Graph Analysis REQUIRED) Federal Budget (Deficit or Surplus) Exports/Imports (Balance of Trade) International Value of the US dollar4. Go to the FOMC (Federal Open Market Committee of the Federal Reserve System) ?- the FED, the United States Central Bank website.http://www.federalreserve.gov/Watch the most recent press conference of the FED CHAIR, Janet Yellen, reporting on the recent June 2014 FED meeting.Then, GO TO:Recent Developments>>Federal Reserve Issues FOMC Statementhttp://www.federalreserve.gov/newsevents/press/monetary/20140618a.htmReview the June 18, 2014 FED Press Release paragraph by paragraph indicating the macroeconomic principles (concepts, visuals, graphs with full labeling and explanation) you learned inEC201E-N1. Hopefully, you have gain experience/connection/practice by doing course suggested Two-minute Drill daily throughout the course.:
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