SOLUTION: Economics Theories and Issues Questionnaire

Hello! This is the final work! Please, let me know if there is a need for adding or modifying something!Economics QuestionnaireQuestionnaire1.2.3.4.5.Which of the following is NOT an assumption of the Classical Economic Model?ALaissez FaireBPrices and wages are stickyCFull employment is the normDSelf-regulating economyWhich of the following is NOT an assumption of the Keynesian Economic Model?AFree market economies are inherently unstableBAggregate Demand is unstable due to the volatility of investmentCImportant role for government Fiscal and Monetary PolicyDWages and Prices are flexible and agile, with quick return to full employmentAccording to “Monetarist Economic philosophy”, _____________.AOpen Market Operations are the most effective method to control the economyBThe velocity of money is volatile and is the primary cause of inflationCChanges in the money supply are the primary cause of changes in output and pricesDThe money supply changes in response to changes in output and pricesWhich of the following is NOT an assumption of the Supply Side Economic Model?AEconomic instability arises on the Demand side of the economyBTax cuts will stimulate Demand with Supply following in responseCTax cuts would increase Supply without changing tax revenuesDLower tax rates stimulate incentives to work save, and investWhich of the following is NOT an assumption of the Classical Economic Model?ACompetitive markets allocate efficientlyBWages and Prices are flexible and agile, adjusting quickly to changes in DemandCEmployment and Real Profit are unaffected by changes in DemandDActive government involvement in fiscal and monetary policy1Economics Questionnaire6.7.The “Quantity Equation of Exchange” asserts that ___________________.AEmployment and Real profit are unaffected by changes in DemandBOnly changes in the Money Supply can affect Output and PricesCWages and Prices are downwardly inflexible (sticky)DInvestment varies due to the volatility of Interest RatesWhich of the following is FALSE regarding Keynesian Economic Philosophy?ANo automatic return to Potential OutputBPrices and wages adjust quicklyCAggregate Supply is vertical at full employment, but horizontal at lower levelsDGovernment expenditures is the only single component large enough toeffectively influence the economy8.Which of the following is NOT an assumption of the Monetarist Economic Model?AOpen Market Operations are an essential elementBWages and Prices are relatively flexibleCThe velocity of Money is stableDThe Money Supply is the major determinant of GDP and Price9.The notion that “reductions in tax rates will increase Supply without changing taxrevenue” is portrayed by the ___________.10.AProduction Possibilities CurveBMarginal Cost CurveCVelocity of Money CurveDLaffer CurveWhich of the following is NOT an assumption of the Keynesian Economic Model?AAggregate Demand is unstable due to volatility of InvestmentBSelf-regulating and self-correcting marketsCUnemployment is an intrinsic conditionDWages and Prices are downwardly inflexible and do not adjust quickly2…

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