One of Friedman’ s criticisms of Keynes was Multiple Choice current consumption depends only on current income. interest rates and money can influence real GDP. wages are sticky both upward and downward. inflation and unemployment are indirectly related.
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One of Friedman’ s criticisms of Keynes was
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GDP . -
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unemployment are indirectly related.
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- Keynes viewed consumption as an activity based on psychology. Discuss how the work of David Laibson supports Keynes?Name four differences between the Keynes and Fishers model of consumptionMultiple choice question just tell me the answer Early empirical success of Keynes’s conjectures demonstrated. a. that the average propensity to consume falls over time.b. that consumers smooth consumption between present and future.c. a strong positive relationship between income and consumption.d. consumers saved lower fraction of income.
- Keynesian expenditure multiplier assumes that individuals will take stimulus money and ________ based on their ________ Group of answer choices spend, marginal propensity to save spend, marginal propensity to consume save, marginal propensity to consume save, marginal propensity to saveWhat is a recessionary gap, what does a ressionary gap look like on a graph and how does recessionary gap connect with current economic situation, either as something that you see happening or (in your opinion) something that should be happening? Keynesian Equilibrium – Aggregate Expenditures Function / Model (AE) Spending Multiplier Recessionary Gap Inflationary GapThe Aggregate Expenditure Model is traditionally called the” Keynesian Cross”. Use the Aggregate Expenditure Keynesian Cross diagram to show what happens to the economy under the following conditions: (Note that is different from the AS-AD Model.) What happens in the model if government expenditures are increased (G↑)? What happens if taxes are raised (T↑)? What happens to the US economy if the rest of the world experiences economic growth and imports more US goods (X↑)?
- To fight recession, a Keynesian economist would: (Select all that apply) A. Increase Taxes B. Decrease Taxes C. Increase Government Spending D. Decrease Government SpendingFrom the Intertemporal Choice Model, many theories (non-Keynesian theories of Consumption) came into being. Using graphical and mathematical expressions, compare and contrast the following theories on consumption behaviours:i. Franco Modigliani: Life-Cycle Hypothesisii. Milton Friedman: Permanent-Income Hypothesisiii. Robert Hall: Random Walk HypothesisUsing the Keynesian-cross diagram, the investment function diagram, and the IS Curve, illustrate what happens when consumer confidence falls (thus reducing autonomous consumptions. (See page 319 of the textbook.)
- Explain the meaning of the term ‘animal spirits’. Please refer to and include a drawing of the Keynesian Cross diagram in your response.In the Keynesian cross, the economy is in equilibrium when planned expenditure equals actual expenditure. However, when planned expenditure exceeds actual expenditure, unplanned inventory investment is ________, causing output to ________. a. negative; fall b. positive; fall c. positive; rise d. negative; riseSuppose the marginal propensity to consume is 0.6. Use the Keynesian Cross model to predict the impact on equilibrium income of each of the following policies. State the direction of the change and give a formula for the size of the impact. a. an increase in government purchases of $100billion b. an increase in taxes of $100 billion c. a $100 billion increase in both government purchases and taxes?