Economics Test
 

:drink

Alright I have this economics test, take home style. I went through about the whole thing with no problem, but theres these 6 questions that I just have no idea, cant find in the book, not on google, no where. So, fellow warpathers, if any of you are a economics/ Keynesian wiz, please help....

here are the questions....

1) The French Economics Jean Baptiste say transformed the equality of total outpout and total spending inot a law that can be expressed as follows:
a) Unemployment is not pissible in sthe short run.
b) Demand and supply are never equal.
c) Supply creates its own demand
D) Demand Creats its own Supply

2) If the economy were left on its own without the interference of government or the Fed, it would move towards an equiliburium rate that would produce, with only minor interruptions, full employment without inflation. What school supports this view?
a. Classical
b. Keynesian
c. Monetarism
d. Supply-Side
e. Neo Keynesian

3)Keynes once remarked that, in the long run, were all dead. He was responding to the conventional wisdom of classical economics who aregued that..
1. the supply curve should reman vertical in the long run
2. World War I was fought to free Britian from Economic ruin
c. Depression was only a short run, temporary departure from full employment equilibrium
d. funeral plots need to be determined by the market
e. Market-based realities cause the estate tax to be too high

4) Keynesians:
a) accept the countercyclical policy of doing nothing, that is, allowing hte market forces to work.
b) Belive that the level of aggragate demand in the 1930's was sufficient to generate full employment
c) accept the fact that policymakers should eliminate inflation first before focusing on unemplyment
d) Focuse on increasing aggregate demand in order to stimulate the economy
e)were prepared for the events that beset our economy in the 1970's and 1980's

5) If the economy is experiencing unemplyment equilibrium, the Keynesian school recommends that the government:
a) Do nothing to stiumulate the economy
b) Undertake the fiscal policy to stimulate aggregate demand
c) Undertake fiscal policy to stiumulate aggragate supply
d) Balance the budget to stimulate aggregate demand
e) Cut Gov't spending to eliminate deficit spending and cut the national debt.

6) Consider the Keynesian consumtion function. If disposable income is greater than the break even level of disposal income, then the households will be:
a. investing
b. borrowing
c. dissaving
d. saving


If anyone knows any of those, it will greatley help me out a ton. Thanks guys

I'm not sure, but I think:

1) C
2) A
3) C
4) D
5) B
6) D


I had to dig deep into the recesses of my mind to recall my Econ class.

wow I hate economics, good luck gmanc711

[QUOTE=Mattyk72]wow I hate economics, good luck gmanc711[/QUOTE]

and to think I was going to tell gmanc711 to ask you what the answers were

Yeah it is quite b.s., plus in the class theres this girl.... AMAZING GIRL its so freaking hard to concentrate... well on economics, I defintley take the time to focus on Mary Beth ( what a sexy name ). Anyways thanks for the help Smoot, and the encouragment(lol) matty.

[QUOTE=smootsmack]and to think I was going to tell gmanc711 to ask you what the answers were[/QUOTE]
finance and economics are my weak points

I'm struggling through managerial finance right now, as long as I do ok on the final I should be alright, I can't wait til it's over!

I have a few more questions for any of you economics people out there... this test is really whooping my ass..

1. Which of the follwing with SHIFT the consumption function downward
c. Legislation making credit harder to obtain
d. Lower Tax Rates
e. Techonlogial breakthrough


More to come I'm sure...

I think it's E-technological breakthrough

The take home exams are usually the hardest. Good luck...

[QUOTE=cpayne5]The take home exams are usually the hardest. Good luck...[/QUOTE]


I just went to my friends for some help. You konw why they are the hardest? Because you know they are coming, so when your in class and your not feeling it, your like hell I'll just relax we have a take home. Or if I want to sleep in, i'm just like f- it , theres no attendacne policy and I got a take home! I'm regreting it, but its my own fault, so I'm just trying to do good enough not to kill the A i have going right now. Thanks for the help Smoot. If I have any ohter questions ( its due tue ), do you mind if I pop you a PM?

[QUOTE=Gmanc711]I just went to my friends for some help. You konw why they are the hardest? Because you know they are coming, so when your in class and your not feeling it, your like hell I'll just relax we have a take home. Or if I want to sleep in, i'm just like f- it , theres no attendacne policy and I got a take home! I'm regreting it, but its my own fault, so I'm just trying to do good enough not to kill the A i have going right now. Thanks for the help Smoot. If I have any ohter questions ( its due tue ), do you mind if I pop you a PM?[/QUOTE]

sure, just remember if the answers are wrong zackmills hijacked my IP address and password ;) :Smoker:

[QUOTE=Gmanc711]I have a few more questions for any of you economics people out there... this test is really whooping my ass..

1. Which of the follwing with SHIFT the consumption function downward
c. Legislation making credit harder to obtain
d. Lower Tax Rates
e. Techonlogial breakthrough


More to come I'm sure...[/QUOTE]
i'd say c, cause that means its harder to get extra money to spend... tech usually makes things cheaper and creates new demand...

[QUOTE=That Guy]i'd say c, cause that means its harder to get extra money to spend... tech usually makes things cheaper and creates new demand...[/QUOTE]

You know I think you're right because tech would shift the curve to the right (or upward)

damn that zackmills for hijacking my IP! :madani: LOL

Gmanc711, maybe you should be PMing That Guy

the problem with google and your keynes quote... you searched for "were" when you meant to search for "we're"...

here's a bio link:
[url]http://www.brainyencyclopedia.com/encyclopedia/j/jo/john_maynard_keynes.html[/url]

his main thing was to save surplus in good times to even out bad times, so i'd say A, since he was all for government intervention during a depression (whereas C suggests a view of letting it run its course)...

socio-economic overview pdf as html:
[url]http://64.233.161.104/search?q=cache:hQNQT499v6cJ:www-personal.umich.edu/~franzese/ps641.ecphil.powerideas.pdf+%2Bkeynes+%2B%22we%27re+all+dead%22&hl=en[/url]