Economics Paper 20

1

Macroeconomic theory that emphasised the theories of Keynes and deemphasised the Classical theory developed as the result of the failure of






2

Keynes believed falling wages were not a solution to persistent unemployment because






3

The practice of using fiscal and monetary policy to stabilize the economy is known as






4

According to Classical models, the level of employment is determined primarily by






5

According to Keynes, the level of employment is determined by






6

According to the Classical model, unemployment






7

To get the economy out of a slump, Keynes believed that the government should






8

Aggregate demand refers to the total demand for all domestically produced goods and services in an economy generated from






9

Government policies that focus on increasing production rather than demand are called:






10

Prices that do not always adjust rapidly to maintain equality between quantity supplied and quantity demanded are






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