Econ434MC13A - Topic 13 Keynesian Macro 1 The label...

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1. The label “socialist” is least appropriate if applied to the major lines of reasoning of: (a) Robert Owen. (b) Thomas More. (c) Henri de Saint-Simon. (d) Karl Marx. ( e) John Maynard Keyes. 2. John Maynard Keynes asserted that social change is most heavily influenced by: (a) the ideas of economic philosophers and theorists. (b) mindless conformity and harmful social conventions. (c) the concentrated economic and political power wielded by special interest groups. (d) use of the scientific method to generate new knowledge and innovate new products and technologies. (e) religious zealotry. 3. Peaks, contractions, troughs, and expansions are all aspects of: (a) consumer confidence. ( b) business cycles. (c) inflationary pressures (d) motorcycles. 4. NOT standard nomenclature for a phase in a typical business cycle would be: (a) recovery. (b) recession. (c) depression (d) surplus (e) peak. 5. The allocative role of profit in stimulating economic growth in a capitalist system is least a primary focus of theories expounded by: (a) H.K.E. von Mangoldt. (b) Frank Knight. (c) Karl Marx. (d) John Maynard Keynes. (e) Richard Cantillon. 6. Wealth is a _____ variable while income is a _____ variable. (a) dynamic / static. (b) stock / flow. (c) temporal / non-temporal. (d) price / value. (e) supply / demand. 7. Keynesian theory accepts the classical and neoclassical theory that flexible wages, interest rates, and prices, combined with Say’s law, ensure full employment and a maximum value for output: (a) in the short run. (b) as long as government follows laissez faire policies. (c) but only if the government runs deficits to fight inflation and deflation. (d) in the long run, but in the long run we are all dead. (e) on average, but not at every instant in time. 8. John Maynard Keynes accepted classical macroeconomic theory as a special case that: (a) offered few insights into the problem of persistent stagflation. (b) was germane only as a recipe to help a market economy escape from a recession. (c) overemphasized Aggregate Demand and ignored the determinants of Aggregate Supply. (d) was useful for explaining cyclical unemployment, but not inflation. (e) held for the long run, but which failed to consider the short run equilibria resulting from declines in Aggregate Demand. 9. The theorist to have most notably disagreed with the idea that money is neutral that “the absolute quantity of money in a nation has no affect on the real output of that nation” would have been: ( a) John Maynard Keynes. (b) Adam Smith. (c) David Hume. (d) David Ricardo. (e) John Stuart Mill. 10. The concept that "demand creates its own supply" is most consistent with: (a) marginalist theory. (b) Keynesian theory. (c) natural rate theory. (d) new classical macroeconomics. (e) Marxist analysis. (f) modern monetarism. 1
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This note was uploaded on 01/12/2010 for the course ECON 434 taught by Professor Byrns during the Spring '09 term at UNC.

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Econ434MC13A - Topic 13 Keynesian Macro 1 The label...

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