Traditional Keynesian economists believed that:
a. the aggregate supply curve is a vertical line at a fixed level of prices.
b. an increase in aggregate demand would cause a change in the price level.
c. the government should take an active role in the economy to restore equilibrium.
d. changes in aggregate demand does not determine equilibrium real GDP.
e. the private sector is not an important source for shifts in aggregate demand.
Question 2
If banks faced a 100 percent reserve requirement, a 10,000 addition to banking reserves would increase the money supply by:
a. 100.
b. 1,000.
c. 10,000.
d. 100,000.
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