101) In the classical model
A) the level of real GDP per year does not depend on the level of aggregate demand.
B) the level of GDP is demand determined.
C) changes in aggregate supply affect the price level, not real GDP.
D) the level of GDP determines prices independent of demand.
102) In the classical model
A) a decrease in aggregate demand will lead to a decrease in the price level and a decrease in real GDP.
B) changes in aggregate supply leave real GDP unchanged.
C) a decrease in aggregate demand will lead to an increase in the price level and a decrease in real GDP.
D) changes in aggregate demand affect only the price level, not real GDP.
103) Which of the following is NOT a key assumption of the classical model?
A) There is a single monopoly seller in many markets for goods and services.
B) People cannot be fooled by money illusion.
C) People are motivated by self-interest.
D) Wages and prices are flexible.
104) Say’s law implies that
A) wages and prices are not flexible.
B) people supply goods and services to the market because they want to consume other goods and services.
C) government regulation is needed to prevent shortages from becoming a problem.
D) government regulation is needed to prevent surpluses from becoming a problem.
105) In the classical model, the interest rate will adjust to equate
A) consumption spending with real GDP.
B) saving with investment.
C) the economic growth rate with the growth rate of import spending.
D) export spending with import spending.
106) Why is there NO persistent unemployment in the classical model?
A) The wage level adjusts to eliminate unemployment.
B) The interest rate adjusts to eliminate unemployment.
C) The rate of economic growth is always high enough to allow those who want to work at current wages to find jobs.
D) Unionization creates job security for workers.
107) Which of the following is NOT an assumption of the classical system?
A) Pure competition exists.
B) People are motivated by self interest.
C) Wages and prices are inflexible.
D) There is no money illusion.
108) In the classical model, changes in interest rates will always ensure that
A) consumption equals production.
B) saving equals investment.
C) consumption equals investment.
D) consumption equals income.
109) The concept of Say’s law can be summed up by the phrase,
A) “supply creates its own demand.”
B) “demand creates its own supply.”
C) “supply and demand are equivalent concepts.”
D) “supply and demand are irrelevant concepts.”
110) Full employment in the classical model is maintained by
A) flexible interest rates.
B) flexible wage rates.
C) flexible prices.
D) flexible income.
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