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Economics
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12 Dec 2019

Describe the following models of the monetary origin of business cycles (a) Keynesian (this is a trick question) (b) Monetarist (c) Austrian (d) Post-Keynsian (also a trick question)

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Related questions

1.Which one of the following markets has many firms producing a product that is differentiated in nature?

A. Perfect Competition

B. Monopolistic competition

C. Monopoly

D. Oligopoly

2.Which of the following two markets is characterized by the tendency that in the long-run firms will be limited to zero economic profit?

A. Perfect competition

B. Monopoly and Perfect Competition

C. Monopoly and Oligopoly

D. This is a trick question, no firm will produce in the long run with no economic profit

3. If in the short run, a firm's marginal revenue is lower than the average variable cost, we will see the firm do what?

A. Shut down immediately

B. Stay in business but produce less

C. Keep producing in the short run and then shut down

D. Increase output

Answer the following questions as "True" or "False", and explain why.

a) According to Real Business Cycle Theory, recessions are the inevitable consequence of an expansion of credit leading to malinvestments that eventually go bust.

b) According to Real Business Cycle Theory, recessions should be combated with expansionary monetary policy, but not with deficit spending on the part of the federal government.

c) According to the Post-Keynesian view, people typically use all available information when making decisions, otherwise known as 'rational expectations'.

Why does the Federal Reserve alter monetary policy?
Ā 
a. to regulate the banking industry
b. to provide services to member banks
c. to enable banks to clear checks
d. to lessen the effect of natural business cycles
Ā 

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