Exam 11: Classical and Keynesian Macro Analyses

One tenet of classical economics is that

An upward sloping short-run aggregate supply curve suggests that

In the Keynesian model,an aggregate demand shock

In the classical model,aggregate demand and aggregate supply will

Keynes and his followers believed that

Keynes suggested that the short-run aggregate supply (SRAS)curve

If the full-employment level of real GDP is greater than the equilibrium level of real GDP,the nation would be experiencing a(n)

The short-run aggregate supply curve in modern Keynesian analysis

A classical model of the economy predicts

A decrease in aggregate demand will cause

Say's law implies that

Suppose we observe rising nominal GDP,a rising price level,and constant unemployment as a result of an increase in aggregate demand.We would conclude that the aggregate supply curve is

In the classical model,what is the result of an increase in aggregate demand?

Which one of the following statements is true?

The idea that supply creates its own demand is known as

According to the classical model,desired saving is

In the classical model,the aggregate supply curve is

The first systematic attempt to explain the determinants of the price level and national levels of income,employment,consumption and real Gross Domestic Product (GDP)was made by ________ economists.

According to Keynes,involuntary unemployment is possible because of

In the classical model,an increase in the unemployment rate