Sec 34.3 MC Using Policy to Stabilize the Economy

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1、1. TheEmploymentActof1946statesthat a. theFedshouldusemonetarypolicyonlytocontroltherateofinflation. b. thegovernmentshouldpromotefullemploymentandproduction. c. thegovernmentshouldperiodicallyincreasetheminimumwageandunemploymentinsurancebenefits. d. Alloftheabovearecorrect.AN

2、SWER:  bDIFFICULTY:  EasyREFERENCES:  UsingPolicytoStabilizetheEconomyLEARNING OBJECTIVES:  ECON.MANK.009-Analyzethepresenceofunemploymentinaneconomy.TOPICS:  EmploymentKEYWORDS:  BLOOM'S:KnowledgeCUSTOM ID:  001.34.3-MC-MANK082. TheEmploymentActof1946 a. impliesthatthegovernme

3、ntshouldavoidbeingacauseofeconomicfluctuations. b. impliesthatthegovernmentshouldrespondtochangesintheprivateeconomytostabilizeaggregatedemand. c. reflectedtheideaspromotedinKeynes’sinfluentialbook,TheGeneralTheoryofEmployment,Interest,andMoney. d. AlloftheabovearecorrectANSWER

4、:  dDIFFICULTY:  EasyREFERENCES:  UsingPolicytoStabilizetheEconomyLEARNING OBJECTIVES:  ECON.MANK.009-Analyzethepresenceofunemploymentinaneconomy.TOPICS:  EmploymentKEYWORDS:  BLOOM'S:KnowledgeCUSTOM ID:  002.34.3-MC-MANK083. Keynesarguedthataggregatedemandis a. stable,becauset

5、heeconomytendstoreturntoitslong-runequilibriumquicklyafteranydisturbancetoaggregatedemand. b. stable,becausechangesinconsumptionaremostlyoffsetbychangesininvestmentandviceversa. c. unstable,becausewavesofpessimismandoptimismcreatefluctuationsinaggregatedemand. d. unstable,becau

6、seoflongandvariablepolicylagsthatworseneconomicfluctuations.ANSWER:  cDIFFICULTY:  EasyREFERENCES:  UsingPolicytoStabilizetheEconomyLEARNING OBJECTIVES:  ECON.MANK.080-Determinetheshort-runandlong-runeffectsofamacroeconomiceventusingtheaggregatedemandandaggregatesupplymodel.TOP

7、ICS:  MacroeconomicmodelsKEYWORDS:  BLOOM'S:KnowledgeCUSTOM ID:  003.34.3-MC-MANK084. Keynesarguedthat a. irrationalwavesofpessimismcausedecreasesinaggregatedemandandincreasesinunemployment. b. irrationalwavesofoptimismcausedecreasesinaggregatedemandanddecreasesinaggregatesuppl

8、y. c. changesinbusinessandconsumerexpectationsgenerall