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Keynesian
Austrian
Supply
Demand
Business Cycle
100
he full name of the author of Keynesian economics?
Who is John Maynard Keynes
100
The best-known Austrian economist, and the first of the school to win a Nobel Prize.
Who is Frederick von Hayek?
100
The factor in supply that is "deferred consumption"
What is Savings?
100
In the equation C+I+G=Y, the Y stands for this.
What is Aggregate Demand?
100
This is a Latin term that is used to study factors in an economy, and means "all other things being equal."
What is Ceterus Paribus?
200
The president who followed Keynesian economics back in the 1930s
Who was Franklin D. Roosevelt?
200
the Austrian school prescription for a "liquidity trap" (which they say doesn't really exist)
What is cut spending and liquidate debt?
200
The factor of supply where capital is applied to production in order to supply a profit
What is Investment?
200
Demand can be stimulated for an item by a subsidy that determines the lowest legal price for an item. It is called this.
What is Price Floor?
200
This is a term for the available supply of money.
What is liquidity?
300
Keynesian economics relies more upon either supply or demand, and this is the one it relies upon.
What is Demand?
300
The Austrian view of why the U.S. economy fell into recession in 1929, 1937 and 2007.
What is Federal Reserve suppression of interest rates?
300
The supply of labor actually engaging in labor in an economy (Term)
What is Employment level?
300
Supply always meets supply is known as this.
What is the Law of Demand?
300
This is the name of the current U.S. central bank.
What is the Federal Reserve Bank?
400
Causes a free market to go into recession, according to Keynesian economics.
What are Animal spirits?
400
The founder of classical economics, with his 1776 book "The Wealth of Nations."
Who was Adam Smith?
400
The factor in deciding whether to produce one more unit of something.
What is Marginal Cost?
400
Luxuries, as opposed to necessities, have this.
What is Elastic Demand?
400
This term means "a store of value."
What is money?
500
The two solutions to a "liquidity trap," according to Keynesian economists (must get both).
What are Monetary stimulus and government spending ?
500
The founder of the Austrian school of economics
Who is Carl Menger?
500
the equilibrium point for a supply/demand chart
What is Price?
500
The Income effect, substitution effect and complements are known as these.
What are Demand Curve Variables?
500
This labor term is the sum of wages plus fringe benefits.
What is earnings?