ECON 162 Binghamton University Macroeconomic Questions

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  1. a.
    b. there is no money illusion.
    c. wages may be sticky so that involuntary unemployment may exist in labor markets.
    d. supply creates its own demand.
    e. none of the above

1 points


  1. Compared to the Keynesian model, the classical model
    a. is a demand-side model.
    b. is a supply-side model.
    c. believes that government intervention is necessary in times of recession.

    was dominant after the Great Depression
    e. believes that nominal variables are relevant in economic decision making.

1 points


  1. In the Keynesian model, an increase in income will lead to an increase in consumption spending.

1 points


  1. In the classical model, output adjusts to spending.

1 points


  1. Suppose that the MPC is equal to 0.8 and autonomous consumption spending is 400. Then the consumption function is given by
    a. C = 400 – 0.8Yd
    b. C = -400 + 0.2Yd
    c. C = 320 x Yd
    d. C = 400 + 0.8Yd
    e. C = 400 + 0.2Yd

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