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12 true/false [5 pts. plus 2 pt. bonus]

1. The aggregate supply (AS) – aggregate demand (AD) model can be used to analyze short run economic events, but not long run changes.

2. According to the quantity theory of money, if the money supply is $3 trillion, the price level is 1.5 and the velocity is 2, then the level of real (or aggregate) output is $6 trillion.

3. If we expect future inflation, the short run AS will increase.

4. When shifts occur to the short run AS there is no self-correcting mechanism that will restore long run equilibrium.

5. Keynesian views on managing aggregate demand broke down during the economic instability that occurred in the 1970s.

6. The founder of the monetarist school of thought was Milton Friedman.

7. While there are differences between the two schools of thought, both Keynesians and monetarists believe that we should first use fiscal policies to stabilize an economy.

8. According to Friedman, Keynes argued that the most insidious way to destroy a nation is to destroy its money.

9. Friedman contends that Keynes was a bad influence on the intellectual climate by arguing for government to solve all our problems.

10. If we follow Laura Tyson’s advice, we should be saving less of our income at least in the short run.

11. According the posting on HansEconomics, there is a perfectly logical explanation of business cycles and that is Austrian economics.

12. It was Robert Higgs who proposed that the length of the Great Depression was due to “regime uncertainty.”

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