_____49. James Tobin argued that one cannot predict the effect of monetary polic
ID: 1209149 • Letter: #
Question
_____49. James Tobin argued that one cannot predict the effect of monetary policy on output and unemployment simply by knowing the interest rate on the rate of growth of the money supply. His argument, if valid, would seem to contradict the philosophy of:
A. Reaganomics.
B. Supply-Side Economics.
C. Monetarism.
D. Keynesian Economics.
E. New Classical Economics.
_____50. In 1981 James Tobin received the 1981 Nobel Peace Prize for his analysis of financial markets. He was an advocate of the manipulation of the economy through the use of demand management. Because of this, many people regarded him as America’s most distinguished, modern _____________ economist.
Classical
Keynesian
Monetarism
New Classical
Supply-Side
_____51. Friedman believes that the benefit of higher union wages comes at the expense of:
the taxpayer.
the government.
the banking industry.
other workers.
the employers.
_____52. Keynesian Economics was primarily concerned with:
maintaining long term economic growth.
increasing intermediate term business investment.
reducing short term unemployment.
reducing the level of inflation.
limiting long term government involvement.
_____53. Monetarism views maintained the importance of:
maintaining long term economic growth.
increasing intermediate term business investment.
limiting long term government involvement.
reducing short term unemployment.
reducing the level of inflation.
_____54. Supply-side Economics stressed the importance of:
maintaining long term economic growth.
increasing intermediate term business investment.
limiting long term government involvement.
reducing short term unemployment.
reducing the level of inflation.
Explanation / Answer
49. C. Monetarism.
50 Keynesian
51 other workers.
52. reducing short term unemployment
53 reducing the level of inflation.
54. ncreasing intermediate term business investment.
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