t) 1 100% 1 1. The theory of long-run \'self adjustment was proposed by the A) K

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t) 1 100% 1 1. The theory of long-run 'self adjustment was proposed by the A) Keynesians B) Classicals 2. The Keynesians and Classicals disagreed on what? A) the very existence of business cycles B) the way the economy worked and how to solve macro economic problems C) whether or not recessions and depressions occurred 3·The short-run aggregate supply curve is positively sloped because: A) wages and other costs of production respond immediately to changes in prices. B) profit is lower when prices increase, so output decreases C) workers are willing to work for lower wages rather than be laid off. D) higher prices lead to higher profit and higher output. 4. A decrease in energy prices will: A) increase short-run aggregate supply. B) decrease the quantity of aggregate output supplied in the short run. decrease aggregate demand. D) C) increase the quantity of aggregate output demanded. A natural disaster that destroys part of a country's infimstructure is a typd of and therefore shifts the A) negative demand shock; aggregate demand curve; right B) negative supply shock; aggregate demand curve: left C) negative supply shock: short-run aggregate supply curve; left D) negative demand shock; long-run aggregate supply curve: left 5. 5. A natural disaster that destroys part of a country's infrastructure is a type of to the

Explanation / Answer

1. Classical theory says that government should not intervene as economy is self adjusting.

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