14_will_macro5c_tb_ch14

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1、Macroeconomics,5Ce(Williamson)Chapter14NewKeynesianEconomics:StickyPrices1)ThekeydifferencebetweenKeynesianandClassicaleconomistsisA)Keynesiansfavouraroleforgovernmentinmanagingtheeconomy.B)Classicaleconomistsfavouraroleforgovernmentinmanagingtheeconomy.C)Keynesiansbelievewagesandpricesareperfectlyf

2、lexible.D)Classicaleconomistsproposea"menucost"model.E)Keynesiansbelievethatmonetaryandfiscalpoliciesaredetrimentaltotheeconomy.Answer:AType:MCPageRef:449-4502)In1936,KeynesdescribedhisviewsontheeconomyinA)Mr.KeynesandtheClassics;ASuggestedInterpretation.B)SomeEvidenceontheImportanceofStickyPrices.C

3、)EssaysinPositiveEconomics.D)TheGeneralTheoryofEmployment,Interest,andMoney.E)MacroeconomicStabilizationPolicyinCanada.Answer:DType:MCPageRef:449-4503)NewKeynesianeconomicsreferstoA)themonetaristapproach.B)modelsofrealbusinesscycleswithstickyprices.C)theIS-LMmodel.D)modelsthatdonotsupportaroleforfis

4、calormonetarypolicy.E)theworkofMiltonFriedman.Answer:BType:MCPageRef:449-4504)TheNewKeynesianmodelandthemonetaryintertemporalmodelisessentiallyidenticalexceptthatA)nominalandrealinterestratesarepermittedtofluctuate.B)BankofCanadapolicyisrestricted.C)totalfactorproductivityisneutral.D)moneyisneutral.

5、E)thepricelevelisnotsufficientlyflexibleforthegoodsmarkettoclearintheshortrun.Answer:EType:MCPageRef:449-45014-13Copyright©2018PearsonCanadaInc.5)TheNewKeynesianmodelhasthepropertythatintheshortrun,A)governmentpolicyisneutral.B)theBankofCanadaisneutral.C)totalfactorproductivityisneutral.D)moneyisneu

6、tral.E)moneyisnotneutral.Answer:EType:MCPageRef:449-4506)WhenthecentralbanktargetstheinterestrateA)itdoessobyadjustingthemoneysupply.B)themoneysupplyisfixed.C)thetargetinterestratemustbechangedeighttimesayear.D)themoneysupplyisreduced.E)themoneysupplyissticky.Answer:AType:MCPageRef:451-4537)Mostcent

7、ralbanks,includingtheBankofCanada,A)targetthepricelevel.B)targettherealinterestrate.C)targetthemoneysupply.D)refrainfromstabilizationpolicy.E)targetaparticularmonetaryaggregate.Answer:BType:MCPageRef: