Question In the Keynesian model, employment (Points : 1)  is determined by output.

In the Keynesian model, employment (Points : 1)
is determined by output.
is determined by price level.
determines the level of output.
depends on aggregate supply.
is independent of output.

Question 2. 2. Say’s law states that supply creates its own demand because (Points : 1)
there is always a buyer for every good purchased.
supply prices are always equal to demand prices.
prices are such that producers know exactly how much to produce in the short run.
the act of producing creates income sufficient to purchase all that is produced.

Question 3. 3. Before Keynes, most economists and politicians believed in (Points : 1)
a cyclically balanced budget.
an annually balanced budget.
a structural deficit.
a budget that was balanced only at full employment.

Question 4. 4. When aggregate planned expenditure falls short of potential output, the economy experiences (Points : 1)
inflation.
inadequate supply.
a recessionary gap.
an equilibrium state.
a government budget deficit.

Question 5. 5. Keynes believed that the correct role for government during a depression was to (Points : 1)
shift aggregate supply.
increase the money supply.
shift money demand.
increase government spending or cut taxes.
balance the budget.

Question 6. 6. A laissez-faire attitude toward most markets is most closely associated with (Points : 1)
Keynesians.
monetarists.
classical economists.
supply siders.
Reaganomics.

Question 7. 7. Keynes blamed economic downturns primarily on (Points : 1)
the instability of consumption.
declines in the interest rate.
poor governmental management.
the instability of investment.
international trade.

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