Who is credited for the original development of the model of aggregate demand and aggregate supply?
John Maynard Keynes
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Which of the following offers theories to explain why the government, like the private sector, may also "fail"?
a. Social economics. b. Public choice theory. c. Rational expectations theory. d. Keynesian economics.
We measure GDP in different ways because
a. we can then check for errors and gain different insights into how the economy performs b. certain economists do not like the expenditure approach for GDP c. the expenditure equation ignores certain aspects of the economy d. it is too difficult to determine accurate values of consumption and investment e. the particular situations of different countries require different approaches
If the MPC is 0, then the multiplier is
a. 0. b. 1. c. infinite. d. None of the above is correct.
A decrease in the value of a currency relative to other currencies is called a(n):
A. depreciation. B. devaluation. C. appreciation. D. revaluation.