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new keynesian models assume that the business cycle fluctuations are driven by the aggregate demand components
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- The Keynesian model believes that supply creates its own demand. True FalseWhich of the following statements best represents the relationship between Keynesian and Neoclassical perspectives? Okeynesian and neoclassical perspectives both focus on long-run growth OKeynesian ideas work best in the short-run and neoclassical ideas work best in the long-run OKeynesian ideas work best in the long-run and neoclassical ideas work best in the short-run OKeynesian ideas focus on the natural rate of unemployment, while neoclassical ideas focus on cyclical unemploymentIn the Keynesian model, which of the following events lead to an increase in aggregate demand? (This is a multiple answer question. One of more options may be correct) a. An increase in the sales tax b. A new infrastructure project by the Federal government c. An increase in value of the Euro relative to the US-Dollar d. A drop in business confidence.
- Use the Keynesian Cross model to show an economy in a recession. Label all key points.According to the Keynesian model, which of the following would increase aggregate demand the most? a. Government drops the taxes for private businesses b. Government establishes a new agency financed by the government that helps the unemployed to find a job Increase in interest rates that results in the growth in investments into new equipment to O d. A decrease in government expenditures accompanied by the decrease in taxes e. Government expands its social projects and increases taxes to balance the budgetIn the Keynesian model, if there is a sudden rise in the aggregate demand curve, in the short run, it will cause a inflation b deflation c increase in output d a and c
- Draw and properly label an AD-AS model to show Keynesian, intermediate, and neoclassical zones. Then, briefly explain the levels of unemployment, inflation, and real GDP in each zone, and confirm whether or not goals of a macro economy are being achieved in each zone.list four differences between new keynesian and real business cycle models?Macroeconomic forecasts from different computer models are usually Very different because the models are based on different data sets, different assumptions, and different macroeconomic theories. Very similar because the models use the same data, and standardized assumptions so it does not matter whether a supply-side economist or a Keynesian economist conducts the research. Very similar because the models must conform to high government regulatory standards. About the same because political objectives never conflict with good economic policies. Very different because it is impossible to determine who funded the research.
- Differentiate between the following terms. Assumptions in AD/AS models and assumptions in Keynesian models.What would a Keynesian likely recommend in response to a recession? What would a neoclassical likely recommend? Why would a Keynesian policy response not make much sense in response to a minor recession like the one that occurred in 1990? What would be the cost of letting the economy adjust by itself to a new long run equilibrium?Consider the Keynesian IS-LM model. How would each of the following scenarios affect output, employment, the real interest rate and the price level in the short run? In the long run? Wealth decreases .An increase in immigration causes an increase in labor supply. The capital stock increases.