Economics Test

I just went to my friends for some help. You konw why they are the hardest? Because you know they are coming, so when your in class and your not feeling it, your like hell I'll just relax we have a take home. Or if I want to sleep in, i'm just like f- it , theres no attendacne policy and I got a take home! I'm regreting it, but its my own fault, so I'm just trying to do good enough not to kill the A i have going right now. Thanks for the help Smoot. If I have any ohter questions ( its due tue ), do you mind if I pop you a PM?

sure, just remember if the answers are wrong zackmills hijacked my IP address and password ;) :Smoker:

I have a few more questions for any of you economics people out there... this test is really whooping my ass..

1. Which of the follwing with SHIFT the consumption function downward
c. Legislation making credit harder to obtain
d. Lower Tax Rates
e. Techonlogial breakthrough


More to come I'm sure...
i'd say c, cause that means its harder to get extra money to spend... tech usually makes things cheaper and creates new demand...

i'd say c, cause that means its harder to get extra money to spend... tech usually makes things cheaper and creates new demand...

You know I think you're right because tech would shift the curve to the right (or upward)

damn that zackmills for hijacking my IP! :madani: LOL

Gmanc711, maybe you should be PMing That Guy

the problem with google and your keynes quote... you searched for "were" when you meant to search for "we're"...

here's a bio link:
http://www.brainyencyclopedia.com/encyclopedia/j/jo/john_maynard_keynes.html

his main thing was to save surplus in good times to even out bad times, so i'd say A, since he was all for government intervention during a depression (whereas C suggests a view of letting it run its course)...

socio-economic overview pdf as html:
http://64.233.161.104/search?q=cache:hQNQT499v6cJ:www-personal.umich.edu/~franzese/ps641.ecphil.powerideas.pdf+%2Bkeynes+%2B%22we%27r e+all+dead%22&hl=en

the problem with google and your keynes quote... you searched for "were" when you meant to search for "we're"...

here's a bio link:
http://www.brainyencyclopedia.com/encyclopedia/j/jo/john_maynard_keynes.html

his main thing was to save surplus in good times to even out bad times, so i'd say A, since he was all for government intervention during a depression (whereas C suggests a view of letting it run its course)...

Unless I'm reading it wrong, that question asks what the conventional wisdom of classical economists was, and that was laissez-fair approach or C, right?

everything2.com post on the quote:
http://everything2.com/index.pl?node_id=732458&lastnode_id=87992

and on keynes:
http://everything2.com/index.pl?node_id=87992&lastnode_id=732458

and oops, i misread the question, the answer is C, cause the question asked what the quote was in response to... my bad :(

so:

1. Which of the follwing with SHIFT the consumption function downward
c. Legislation making credit harder to obtain

3)Keynes once remarked that, in the long run, were all dead. He was responding to the conventional wisdom of classical economics who aregued that..
c. Depression was only a short run, temporary departure from full employment equilibrium

that's two down at least ;)

link has the direct quote...
http://216.239.39.104/search?q=cache:5U2FVnKfBi0J:cepa.newschool.edu/het/profiles/say.htm+French+Economics+Jean+Baptiste&hl=en

1) The French Economics Jean Baptiste say transformed the equality of total outpout and total spending inot a law that can be expressed as follows:
c) Supply creates its own demand


and btw, its Jean Baptiste Say... there's 2 million Jean Baptistes running around ;)

http://everything2.com/index.pl?node_id=1141020

2) If the economy were left on its own without the interference of government or the Fed, it would move towards an equiliburium rate that would produce, with only minor interruptions, full employment without inflation. What school supports this view?
c. Monetarism