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Unit 4 Review Power Point. Videos to Watch. http://education-portal.com/academy/lesson/supply-and-demand-curves-in-the-classical-model-and-keynesian-model.html http://education-portal.com/academy/lesson/aggregate-supply-and-aggregate-demand-as-ad-model.html. Question 1.

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videos to watch
Videos to Watch
  • http://education-portal.com/academy/lesson/supply-and-demand-curves-in-the-classical-model-and-keynesian-model.html
  • http://education-portal.com/academy/lesson/aggregate-supply-and-aggregate-demand-as-ad-model.html
question 1
Question 1
  • LRAS has which of the following characteristics?
  • a. is the supply of all goods in the economyb. is verticalc. can only shift outward with improvements in technology, increase in resources, or increase in labord. is upward sloping
answer 1
Answer 1
  • A B and C
question 2
Question 2
  • What should Congress do during the expansion phase, according to Keynes (demand-side)?
answer 2
Answer 2
  • Raise taxes and cut spending
question 3
Question 3
  • What should the government do during the contraction phase, according to Keynes?
answer 3
Answer 3
  • Cut taxes and increase spending
question 4
Question 4
  • According to Keynes, should Congress/Government run a deficit or surplus during a recession?
answer 4
Answer 4
  • Deficit
question 5
Question 5
  • Are increased orders a sign the economy is in a recession or expansion?
answer 5
Answer 5
  • Expansion
question 6
Question 6
  • What does (X-M) represent?
answer 6
Answer 6
  • Net Exports
question 7
Question 7
  • Which region of the US is growing the fastest?
answer 7
Answer 7
  • Sunbelt
question 8
Question 8
  • Which generation has more people? The Baby Boomers or the Millinials (Generation Y)
answer 8
Answer 8
  • Millenials (Generation Y)
question 9
Question 9
  • Should the money supply be increased or decreased during a recession?
answer 9
Answer 9
  • Increased
question 10
Question 10
  • How do supply-side people want to get us out of a recession?
answer 10
Answer 10
  • Cut business and personal income taxes and deregulate
question 11
Question 11
  • What is a function of the NBER?
answer 11
Answer 11
  • To declare when business cycles begin and end
question 12
Question 12
  • What is a main characteristic of classical economics?
answer 12
Answer 12
  • Economy is free flowing. It will basically fix itself.
question 13
Question 13
  • Why is the aggregate supply curve sloping upward?
answer 13
Answer 13
  • Because of sticky wages and prices
question 14
Question 14
  • How is a business cycle measured?
answer 14
Answer 14
  • Trough to trough
question 15
Question 15
  • What is prime rate?
answer 15
Answer 15
  • Best or lowest interest rate commercial banks charge their customers
question 16
Question 16
  • Why are agriculture employees not counted in economic statistics?
answer 17
Answer 17
  • Because they are seasonal