Economics MCQs

Page No. 333

The economists who emphasised wage flexibility as a solution for unemployment were ?


anew-Keynesian.


bpost-Keynesian.


cclassical economists.


dKeynesian.


View Answer classical economists.

A group of modern economists who believe that institutional factors and confidence strongly influence business behaviour and that expanding demand will usually increase output rather than prices are the ?


amonetarists.


bkeynesians


cpost-keynesians


d new classical school


View Answer post-keynesians

A group of modern economists who believe that markets clear very rapidly and that expanding the money supply will always increase prices rather than employment are the ?


aKeynesians


b post-keynesians


cmonetarists


dnew classical school


View Answer new classical school

New classical theories were an attempt to explain ?


a how unemployment could have persisted for so long during the Great Depression


bThe increase in the growth rate of real output in the 1950s


c the stagflation of the 1970s


dWhy policy changes that are perceived as permanent have more of an impact on a person’s behaviour than policy changes that are viewed as temporary.



If the demand for money depends on the interest rate the velocity of circulation is ?


anot constant and the quantity theory of money does hold.


bconstant and the quantity theory of money does hold.


cnot constant and the quantity theory of money does not hold.


dconstant and the quantity theory of money does not hold.



The persistence of a phenomenon such as unemployment, even then its causes have been removed is called ?


a the fallacy of composition


bnegative entropy.


chysteresis.


dceteris paribus


View Answer hysteresis.

The rational-expectation hypothesis suggests that the forecasts that people make concerning future inflation rates ?


aconsistently overestimate the actual rate of inflation in the future.


bare always correct


cconsistently underestimate the actual rate of inflation in the future


dare correct on average, but are subject to errors that are distributed randomly



Rapid increase in the price level during periods of recession of high unemployment are known as ?


aslump


binflation


cstagflation


dstagnation


View Answer stagflation

The government increase government spending to try to reduce unemployment This is an example of ?


a laissez-faire.


b monetary policy


cfine tuning


dautomatic stablisers


View Answer fine tuning

Keynesian economics became popular because it was able to explain ?


astagflation in the late 1970s


bdemand-pull inflation in the 1960s


clow growth rates in the 1950s


dThe prolonged existence of high unemployment during the Great depression



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