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- Match the policies below to whether they would be said by a Keynesian or Neoclassical economist: A. Policy should concentrate on minimizing cyclical unemployment B. Since the long-run aggregate supply curve is fixed, increasing aggregate demand too much will just lead to inflation 1. Neoclassical 2. KeynesianUse the keynesian cross to predict the impact of:A.an increase in government purchase. B.an increase in taxes. C.an equal increase in government purchase and taxes. Urgent.If a Keynesian model shows that aggregate demand for both goods and labor has shifted to the left, while wages are sticky and remain at the same level and prices remain at the same prices, what will be the result in the labor market? a a shortage of labor b depression c coordinated wage reductions d a surplus of labor
- An economic theory regarding the effect of an economic variable on another when all other factors stay constant is called _____. laissez faire Keynesian e pluribus unum Ceteris ParibusWhich assumption is the Keynesian model based on? O people can afford a high level of government services. O prices and wages are sticky and do not adjust rapidly. O an increase in productivity will cause the aggregate demand curve to shift to the left. O an increase in input prices will cause the aggregate demand curve to shift to the left.Consider the Keynesian Efficiency Wage Model. a. Draw the effort curve as it was discussed in class and explain the shape. b. Explain and show graphically how firms set real wages in the Keynesian Efficiency Wage model? c. What are the implications for the full-employment level of employment Ñ and the level of unemployment u? d. Explain why firms hesitate to lower wages even if the level of unemployment is high, e.g., during recessions.
- Economists who advocate a macroeconomic policy of laissez-faire: Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a b d believe the economy is self-regulating so long as government intervenes to move the economy to equilibrium at natural real GDP. believe the economy is self-regulating and will move to equilibrium at natural real GDP in the long run. also advocate central planning and government control of resources. also advocate active government intervention in the macroeconomy.In the simplest (or introductory) form of the Keynesian model, which of the following decisions can we analyse? A. Interest rate fluctuations. B. Saving of households. C. Investment by government. D. Foreign investment by firms. E. Wage levels in firms.Long run macroeconomic equilibrium is when a. AD = LAS. b. SAS = LAS. C. AD = SAS = LAS. d. AD = SAS. Which of the following is an example of the redistribution role of government? a. The introduction of savings schemes such as KiwiSaver. b. Superannuation payments (an old age pension). c. The use of monetary policy to control inflation. d. The allocation of tradable pollution emission rights.
- Economist who generally empgasize the importance of aggregate supply in determining the size of the macroeconomiy over the long run a- says law b-Neoclassical economists c-Keynes lasw dk- Neoclassical zoneThe Keynesian Side of economics focuses on explaining why recessions and depressions occur, as well as offering a _______ for a minimizing their affect a.  pricing strategy b. Policy prescription c. Macroeconomic model d. Set of menu costLRAS ADn SRAS ADi Pn Neoclassical zone ADk En Ei Intermediate zone Pk Ek Keynesian zone Yk Yi Yn Real GDP Say's Law states that supply creates its own demand. In the neoclassical zone on the graph above, supply is at its potential GDP, at full capacity. When aggregate supplies have reached their full potential output, what happens if demand shifts to the right? Select one: a. The GDP deflator shifts up and to the left. b. The aggregate supply outputs increase and LRAS shifts to the right. c. The aggregate demand prices increase as AD shifts to the right. d. The aggregate demand prices decrease as AD shifts to the right. Price Level