-
The Classical versus Keynesian controversy is primarily a dispute over what?
-
State Say’s Law.
-
What was Thomas Malthus’ critique of Say’s Law?
-
Use the circular flow diagram to illustrate Say’s Law.
-
Describe the quantity theory of money.
-
Explain the two major assumptions of the quantity theory of money.
-
Describe the Keynesian income adjustment mechanism.
-
Illustrate equilibrium in the aggregate supply-aggregate demand model.
-
Explain the three reasons why the .aggregate demand curve slopes downward.
-
List at least five major reasons why the aggregate demand curve shifts.
-
Why does the aggregate supply curve slope upward?
-
List at least five reasons why the aggregate supply curve shifts.
-
Draw and explain the three ranges of the economy.
-
Draw and describe the Classical price adjustment mechanism.
