In the monetarist model, an increase in both government spending and taxes would
a. lead to a large increase in interest rates.
b. increase income dollar for dollar with the increase in government spending.
c. have a much smaller impact on income than in the Keynesian model.
d. all of the above.
Question 2
In answer to the question, Could they see the Great Depression coming?, Hughes and Cain (2011) respond:
(a) NoMany people firmly believed that markets would self-correct and eventually recover with no government intervention
(b) Nomany people seemed to believe that the prosperity of the 1920s would continue
indefinitely because they believed that the economy was built to sustain high and stable
rates of growth with minimal cyclical fluctuation when markets were permitted to clear themselves without government interference.
(c) Yesin the late 1920s, a majority of economists reported and publicized that the economy
was becoming dangerously unbalanced and that a serious downturn was near.
(d) Yes and noby the late 1920s, the economics profession was about equally split on the possibility of a serious downturn in the near future.
Kidney Anatomy model
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