ecChapter 10 - Chapter 10 Name Date 1 John Maynard Keynes...

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Chapter 10 Name: __________________________ Date: _____________ 1. John Maynard Keynes wrote that responsibility for low income and high unemployment in economic downturns should be placed on: A) low levels of capital. B) an untrained labor force. C) inadequate technology. D) low aggregate demand. 2. The IS-LM model takes ______ as exogenous. 3. For the purposes of the Keynesian cross, planned expenditure consists of: 4. When planned expenditure is drawn on a graph as a function of income, the slope of the line is: 5. With planned expenditure and the equilibrium condition Y = PE drawn on a graph with income along the horizontal axis, if income exceeds expenditure, then income is to the ______ of equilibrium income and there is unplanned inventory ______. A) right; decumulation B) right; accumulation C) left; decumulation D) left; accumulation Page 1 6. When firms experience unplanned inventory accumulation, they typically:
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