Within the framework of the Keynesian model, if aggregate expenditures exceed aggregate output, then:
a. the inventories of firms would decline, and the firms would expand output in order to restore their inventories to desired levels.
b. the inventories of firms would increase, and the firms would reduce output until inventories were cut back to the desired level.
c. the current level of income would persist in the future.
d. firms would reduce their investment, and the economy would fall into a recession.
Question 2
What is the medium of exchange function of money?
a. A common measurement of the relative value of different goods and services.
b. The ability of money to hold value over time.
c. The quality of money not to be hoarded because of its commodity value.
d. The function of money to be widely accepted I exchange for goods and services.
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