Exam 11: Classical and Keynesian Macro Analyses

Which one of the following is true?

The concept of Say's law can be summed up by the phrase,

Keynesian economics predicts that if government policy makers deem current equilibrium real Gross Domestic Product (GDP)to be "too low," then an appropriate policy action would be to

Which of the following statements is true?

Suppose the Japanese yen increases in its value relative to the U.S.dollar.In the U.S.economy,

According to classical economists,

Which of the following will NOT shift the short-run aggregate supply (SRAS)curve?

Say's law implies that

A stronger U.S.dollar in world exchange markets means that

Classical economists suggest that unemployment is a short-lived phenomenon because

Suppose the current situation is such that the price level is 120,real GDP is $14 trillion,and long-run aggregate supply is $13.6 trillion.We can conclude that

In a classical model,

The short-run aggregate supply curve would shift and the long-run aggregate supply curve would remain fixed if

In the short run,an increase in the price level induces firms to expand production because

The exchange rate last month was $1 = 1.15 euros.This month it is $1 = 1.35 euros.We can say that the value of the dollar

Which of the following is NOT an assumption of the classical model?

Which of the following is NOT an assumption of the classical model?

Keynesian economists would likely argue that the classical model is which of the following?

If you feel you are better off because you receive a 20 percent raise even when the price level also increases by 20 percent,then you are a victim of the

Classical economists wrote from the 1770s to the ________.