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True or False
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1
Say’s Law suggests that supply creates its own demand.
A)True
B)False
2
According to neoclassical theory, the aggregate supply curve is horizontal at the prevailing price level.
A)True
B)False
3
According to neoclassical theory, an increase in the level of saving will cause the rate of interest to fall.
A)True
B)False
4
According to Keynesian theory, a change in aggregate demand might have little or no effect on the price level.
A)True
B)False
5
Neoclassical economists believe that market economies can achieve full employment through self-adjustment.
A)True
B)False
6
Aggregate demand policies are effective in curing the problems of stagflation.
A)True
B)False
7
The Phillips curve is based on the stable relationship between tax rates and the amount of tax revenue.
A)True
B)False
8
One of the major criticisms of the supply-side emphasis on using tax cuts to stimulate the economy is that such cuts affect aggregate demand more than aggregate supply.
A)True
B)False
9
Sub-prime mortgages and derivatives are associated with stagflation.
A)True
B)False
10
The external value of the Canadian dollar has been remarkably stable for several decades.
A)True
B)False





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