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Unit 4 Review Power Point

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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Unit 4 Review Power Point

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  1. Unit 4 Review Power Point

  2. 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

  3. 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

  4. Answer 1 • A B and C

  5. Question 2 • What should Congress do during the expansion phase, according to Keynes (demand-side)?

  6. Answer 2 • Raise taxes and cut spending

  7. Question 3 • What should the government do during the contraction phase, according to Keynes?

  8. Answer 3 • Cut taxes and increase spending

  9. Question 4 • According to Keynes, should Congress/Government run a deficit or surplus during a recession?

  10. Answer 4 • Deficit

  11. Question 5 • Are increased orders a sign the economy is in a recession or expansion?

  12. Answer 5 • Expansion

  13. Question 6 • What does (X-M) represent?

  14. Answer 6 • Net Exports

  15. Question 7 • Which region of the US is growing the fastest?

  16. Answer 7 • Sunbelt

  17. Question 8 • Which generation has more people? The Baby Boomers or the Millinials (Generation Y)

  18. Answer 8 • Millenials (Generation Y)

  19. Question 9 • Should the money supply be increased or decreased during a recession?

  20. Answer 9 • Increased

  21. Question 10 • How do supply-side people want to get us out of a recession?

  22. Answer 10 • Cut business and personal income taxes and deregulate

  23. Question 11 • What is a function of the NBER?

  24. Answer 11 • To declare when business cycles begin and end

  25. Question 12 • What is a main characteristic of classical economics?

  26. Answer 12 • Economy is free flowing. It will basically fix itself.

  27. Question 13 • Why is the aggregate supply curve sloping upward?

  28. Answer 13 • Because of sticky wages and prices

  29. Question 14 • How is a business cycle measured?

  30. Answer 14 • Trough to trough

  31. Question 15 • What is prime rate?

  32. Answer 15 • Best or lowest interest rate commercial banks charge their customers

  33. Question 16 • Why are agriculture employees not counted in economic statistics?

  34. Answer 17 • Because they are seasonal

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