Question

In: Economics

Sentential Logic Translation: Neither Felix (F) nor Elmer (E) attends class regularly, only if Boris (B)...

Sentential Logic Translation:

  1. Neither Felix (F) nor Elmer (E) attends class regularly, only if Boris (B) works for the CIA provided that Deidre (D) does not work for MI6.
  1. If the Monetarists (M) are right, then there is an increase in inflation (I) if and only if the money supply increases too fast (F). If the Keynesians (K) are right, then there is an increase in inflation if and only if there is a decrease in unemployment (D). If the Libertarians (L) are right, there is an increase in inflation if and only if the federal government spends more than it takes in (S). The money supply increases too fast only if taxes are too low (T), and the federal government spends more than it takes in only if taxes are too low. There is no decrease in unemployment and taxes are not too low, but there is an increase in inflation. Therefore, neither the Monetarists, nor the Keynesians, nor the Libertarians are right.
  2. More jobs (J) will be created and the economy (E) will improve only if government spending (G) is increased and taxes (T) are not raised; however, the deficit (D) will be reduced only if taxes are raised and government spending is not increased, and the economy will improve if and only if the deficit is reduced.

Solutions

Expert Solution

Answer:-

(a)

Let

F=Felix attends class regularly

E=Elmer attends class regularly

B=Boris works for the CIA

D= Deidre works for MI6

Then the translation is:

Neither Felix (F) nor Elmer (E) attends class regularly, only if Boris (B) works for the CIA provided

that Deidre (D) does not work for MI6.

(b)

Let

M=Monetarists are right

I=there is an increase in inflation

F=money supply increases too fast

K=the Keynesians are right

D=there is a decrease in unemployment

L=the Libertarians are right

S=the federal government spends more than it takes in

T=taxes are too low

Then the translation is:

If the Monetarists (M) are right, then there is an increase in inflation (I) if and only if the money supply

increases too fast (F).

If the Keynesians (K) are right, then there is an increase in inflation if and only if there is a decrease

in unemployment (D).

If the Libertarians (L) are right, there is an increase in inflation if and only if the federal government

spends more than it takes in (S).

The money supply increases too fast only if taxes are too low (T), and the federal government

spends more than it takes in only if taxes are too low.

There is no decrease in unemployment and taxes are not too low, but there is an increase in inflation.

Therefore, neither the Monetarists, nor the Keynesians, nor the Libertarians are right.

(c)

More jobs (J) will be created and the economy (E) will improve only if government spending (G) is

increased and taxes (T) are not raised; however, the deficit (D) will be reduced only if taxes are raised

and government spending is not increased, and the economy will improve if and only if the deficit

is reduced.


Related Solutions

Draw the logic diagram for the function f=ΣA,B,C (2, 6, 7) using only AND, OR, and...
Draw the logic diagram for the function f=ΣA,B,C (2, 6, 7) using only AND, OR, and NOT gates. Then draw logic schematic with only NAND gates, and appropriate resistors/LEDs to have LEDs to show the inputs and the outputs. You will need to swap out your AND, OR, and NOT gates as appropriate. You must show all gates, do not apply the involution theorem in the process. This means you will have more NAND gates than possible to implement with...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT