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Quiz von Natalie Balzert, aktualisiert more than 1 year ago
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Erstellt von Natalie Balzert
vor mehr als 7 Jahre
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Frage 1
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Aggregate Supply represents:
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total expenditure in the economy
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total production in the economy
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total of all wages paid in the economy
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a and b only
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a, b, and c
Frage 2
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Two other names for the LRAS is [blank_start]Natural Real GDP[blank_end], [blank_start]Full Employment Real GDP[blank_end].
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Natural Real GDP
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Full Employment Real GDP
Frage 3
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An oil price decrease in the US should shift:
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aggregate demand to the left
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aggregate supply to the left
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aggregate demand to the right
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aggregate supply to the right
Frage 4
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An oil price decrease in the US should increase prices and lower Real GPD.
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- True
- False
Frage 5
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An increase in the money supply would shift:
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aggregate demand to the left
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aggregate supply to the left
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aggregate demand to the right
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aggregate supply to the right
Frage 6
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A government budget cut would shift:
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aggregate demand to the left
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aggregate supply to the left
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aggregate demand to the right
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aggregate supply yo the right
Frage 7
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A government budget cut would:
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increase prices and lower Real GDP
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increase prices and raise Real GDP
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decrease prices and lower Real GDP
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decease prices and raise Real GDP
Frage 8
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An increase in US imports would:
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increase prices and lower Real GDP
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Increase prices and raise Real GDP
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decrease prices and lower Real GDP
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decrease prices and raise Real GDP
Frage 9
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In a Classical view of the world, what factor makes savings equal to investment?
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wages
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interest rates
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neither a or b
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a and b together
Frage 10
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Classical economists believe the government never should try to balance the economy, it is better left alone.
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- True
- False
Frage 11
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Say's Law is:
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good money drives bad money out of the circulation
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production creates the income necessary to buy everything produced
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prices must adjust so that all goods produced are sold
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equilibrium always exists
Frage 12
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Classical economists believe that in the long run, whether or not there is unemployment is determined solely by aggregate supply, not aggregate demand.
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- True
- False
Frage 13
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If my wage was $10 per hour and bread cost $2.50 per loaf last month and this month my wage is $9 per month and bread costs $3 per loaf, my nominal wage has fallen and my real wage has risen.
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- True
- False
Frage 14
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[blank_start]Thomas Malthus[blank_end] was the person who believed that population growth would outpace the food supply.
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Thomas Malthus
Frage 15
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A recessionary gap would be eliminated, according to Classical economists:
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only through government spending and taxing changes
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because wages fall, without any government spending action
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because wages fall, caused by actions of the government
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because wages rise, without any government action
Frage 16
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Classical economists believed the economy would reach a "stationary state" in the long run.
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- True
- False
Frage 17
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Classical economics is based on the concept that markets always give the correct price and that they move to that price quickly.
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- True
- False
Frage 18
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Suppose my income this month is $8,000 and I spent $7,000, and last month my income was $6,000 and I spent $6,000. What is my MPC? My MPC is [blank_start]0.5[blank_end].
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0.5
Frage 19
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If my MPC is what you calculated previously, a &50 billion increase in government spending would cuase how big a change in GDP? $ [blank_start]100[blank_end] B.
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100
Frage 20
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A recessionary gap would be eliminated, according to Keynesian economists:
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only though government action
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because wages fall, without any government action
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because wages fall, caused by actions of the government
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because wages rise, without any government action
Frage 21
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To Keynes, the most common cause of recessions is not enough:
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consumption
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investment
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savings
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prices
Frage 22
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According to Keynes, in the long run we are all [blank_start]dead[blank_end].
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dead
Frage 23
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According to Keynes, the most important determinant of investment is [blank_start]expectations[blank_end].
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expectations
Frage 24
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Keynes' other expression for the previous answer is [blank_start]Animal Spirit[blank_end].
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Animal Spirit
Frage 25
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In Keynes' view, savings and investment do not have to be equal, where in the Classical view they always were.
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- True
- False
Frage 26
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Keynes believed the Great Depression came about because:
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wages did not fall far enough
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wages did not fall fast enough
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wages fell, but prices didn't
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none of the above
Frage 27
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Keynes' theory is based primarily around:
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aggregate demand
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aggregate supply
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using both aggregate demand and aggregate supply together
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2:30 in the afternoon
Frage 28
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According to Keynes, the most important determinant of savings is [blank_start]income[blank_end].
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income
Frage 29
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According to the Classical Theory, savings and investments are determined by [blank_start]interest rates[blank_end].
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interest rates
Frage 30
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[blank_start]Arthur Laffer[blank_end] is the person who is thought of as the creator of supply side economics.
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Arthur Laffer
Frage 31
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According to supply side theory, the Reagan and Bush tax cuts which targeted the rich will [blank_start]trickle down[blank_end] to the poor and middle class, helping everyone eventually.
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trickle down
Frage 32
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One legacy of supply side economics is that we now care anout what variable in macroeconomics that we did not before?
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investment
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nominal wages
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worker productivity
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taxes
Frage 33
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According to your professor, John Lennon was killed by [blank_start]income taxes[blank_end].
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income taxes
Frage 34
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The equation of exchange is [blank_start]MV[blank_end] = [blank_start]PQ[blank_end].
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MV
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PQ
Frage 35
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[blank_start]Milton Friedman[blank_end] is the person we associate with this equation in modern times.
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Milton Friedman
Frage 36
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The equation of exchange as interpreted by the person in the previous question says that increases in the money supply cause inflation and decrease in the money supply cause recessions.
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- True
- False
Frage 37
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The Neo-Classical [blank_start]Synthesis[blank_end] is the bringing together of Classical and Keynesian theory into modern economic theories.
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Synthesis
Frage 38
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New Keynesian economists blame recessions on:
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"sticky" wages and prices
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lack of spending
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supply shocks
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effective demand failures
Frage 39
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New Classical economists blame recessions on:
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"sticky" wages and prices
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lack of spending
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supply shocks
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effective demand failures
Frage 40
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Ben Bernanke, former chair of the Federal Reserve, blames the 2007 recession om too much savings coming into the United States, mostly from China.
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- True
- False
Frage 41
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Both New Keynesians and New Classicals believe the economy works according to Classical theory in the long run.
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- True
- False
Frage 42
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Aggregate Demand is:
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total expenditure in the economy
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total production in the economy
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total consumer activity in the economy
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both a and b
Frage 43
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Keynesian economists believed that interest rates are determined by:
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savings and investment
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supply and demand for money
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supply and demand for investment
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money and savings
Frage 44
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According to the Keynesians, the economy may be in disequiliribium.
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- True
- False
Frage 45
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The key to supply side economics is [blank_start]incentives[blank_end].
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incentives
Frage 46
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According to a Keynesian, _____ is the most volatile factor of the following:
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consumption
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taxes
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savings
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investment
Frage 47
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Supply Side economics was correct in predicting that deregulation targeted at individual industries would improve the performance of the whole economy.
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- True
- False
Frage 48
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Most modern economists are:
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New Monetarists
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New Keynesians
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New Classicals
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New Orleans
Frage 49
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The Laffer Curve says that there is a trade-off between inflation and unemployment.
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- True
- False
Frage 50
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New Classicals argue that new technologies destroy old jobs before they create many new jobs.
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- True
- False
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