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Supply creates its own demand
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Quantity Theory of Money
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C719

Module 7

QuestionAnswer
Supply creates its own demand Say's Law
Quantity Theory of Money MV = PY
When there is a recession, which view says the government should not intervene? Classical
When there is a recession, which view says the government should increase spending? Keynesian
According to Keynes, recessions are caused by unstable ________________ spending. Investment
The Stock Market crash of 1929 marked the beginning of the... Great Depression
New spending is magnified in GDP due to the... Expenditure Multiplier
The equation for the expenditure multiplier is... 1/(1 - MPC)
MPC stands for... Marginal propensity to consume
When the MPC is 0.5, the expenditure multiplier is... 2
When the MPC is 0.75, the expenditure multiplier is... 4
Why is aggregate supply upward sloping in the short-run? Sticky prices
Long-term contracts are an example of... Sticky prices
Why is aggregate supply vertical in the long-run? Self-correcting markets
Created by: chawk69
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