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New Keynesian economics: Quiz


Question 1: Not only do the firms have to pay to change the price, but also, according to ________, there are also externalities that go along with changing prices.
N. Gregory MankiwBen BernankeArthur Melvin OkunJoseph Stiglitz

Question 2: This has been reflected in the work of ________ economists[15] and of Donald Markwell[16].
World Bank GroupInternational Monetary FundBasel Committee on Banking SupervisionBretton Woods system

Question 3: [14] After World War II, ________ used the term neoclassical synthesis to refer to the integration of Keynesian economics with neoclassical economics.
Paul SamuelsonMilton FriedmanGeorge StiglerRobert Solow

Question 4: New Keynesian economics is a school of contemporary macroeconomics that strives to provide microeconomic foundations for ________.
John Maynard KeynesCapitalismSupply-side economicsKeynesian economics

Question 5: Like the New Classical approach, New Keynesian macroeconomic analysis usually assumes that households and firms have ________.
Rational expectationsAustrian SchoolKeynesian economicsEconomics

Question 6: New Keynesian economists fully agree with New Classical economists that in the long run, changes in the ________ are neutral.
Fractional-reserve bankingMoney supplyCentral bankDebt

Question 7: But the two schools differ in that New Keynesian analysis usually assumes a variety of ________.
Market failureEconomicsWelfare economicsKeynesian economics

Question 8: Significant early contributions to New Keynesian theory were compiled in 1991 by editors ________ and David Romer in New Keynesian Economics, volumes 1 and 2.
Ben BernankeArthur Melvin OkunJoseph StiglitzN. Gregory Mankiw

Question 9: More recently, macroeconomists have begun to build ________ (DSGE) models with Keynesian features.
New Keynesian economicsMacroeconomicsMacroeconomic modelDynamic stochastic general equilibrium

Question 10: That school criticized the inconsistencies of Keynesianism in the light of the concept of "rational expectations." The new classicals combined a unique market-clearing equilibrium (at ________) with rational expectations.
InflationFull employmentUnemploymentKeynesian economics


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