Ashford ECO 203 Week 3 Quiz Solutions

ECO 203 Week 3 Quiz Solution

The current quantity theory of money holds that, in the long run, the level of output is.

In the simple Keynesian model, if output exceeds aggregate expenditure (AE), then __________.

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The __________ deficit is the part of a deficit that would persist even if the economy were at the full-employment level.

When aggregate planned expenditure is less than full-employment aggregate output in the presence of full employment, there is __________.

Regarding aggregate demand and aggregate supply, the Keynesian model assumes a(n) __________.

According to classical economists, the proper macroeconomic role of government is __________.

As a classical economist, Cyril supports the concept that the economy tends toward full employment of resources due to __________.

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Lamont is a Keynesian economist. Accordingly, Lamont would most likely believe that the demand for money is __________.

According to the equation of exchange, if the money supply is $500 and the velocity of money is 3.5, then total spending equals __________.

Note: This entire class includes online quizzes, discussions, assignments, course projects, and online exams.

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