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Economics
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The Keynesian view of economics assumes that:
 
a. the Keynesian Phillips curve is vertical.

b. wages are sticky.

c. the economy must focus is on long-term growth.

d. economic output is primarily determined by aggregate supply

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Alice Sejake
Alice SejakeLv10
20 Oct 2020

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Related questions

Which of the following statements represents a Keynesian point of view of macroeconomics?

A. focus on long-term growth in the economy
B. aggregate supply is the primary determinate of economic output
C. creating increases in aggregate demand to reduce unemployment
D. vertical aggregate supply

Which of the following is supported by Keynesian macroeconomic assumptions?

A. focus on aggregate supply

B. wages and prices are flexible

C. the economy will automatically self-correct short-term recessionary and inflationary gaps

D. none of the above

 Macroeconomics: Events and Ideas

a) The economy is under inflationary pressure. The head of the President's Council of Economic Advisers is a staunch Keynesian. Will this Keynesian recommend or not recommend? Explain.

b) Prior to the 1930s, classical economics was the predominant theory about the behavior of the aggregate price level, aggregate output, and the appropriate role of monetary policy. Describe how classical economists believed the economy would be affected by an increase in the money supply.

c) Explain the rational expectations theory and how it predicts the usefulness of fiscal and monetary policy.

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