Statement Reduce AD by Patience . . . and a Only a surprise Less regulation, more savings, less increasing or Patience constant increase in change will have any government spending and less taxes decreasing spending money supply of 3% impact to grow AS School of Thought? 5. Best known advocate? Statement John Muth and John Maynard Keynes Milton Friedman Adam George Gilder and Ronald Reagan Robert Lucas School of Thought? 6. Key Graph or Equation? Statement Laffer Curve ???? Savings = Investment MV=PQ Aggregate Expenditures Model School of Thought? 7. Favorite Quotation? Statement is not “Government We “Policymakers? creates its the long run the answer; TINSTAAFL is no such thing “Supply “In “There don’t need no stinking own demand!” we’re all dead!” government is the as a free lunch.” policymakers!” problem!” School of Thought?
Statement Reduce AD by increasing or decreasing spending Patience Patience . . . and a constant increase in money supply of 3% Only a surprise change will have any impact Less regulation, more savings, less government spending and less taxes to grow AS School of Thought? 5. Best known advocate? Statement John Maynard Keynes Milton Friedman Adam John Muth and Robert Lucas George Gilder and Ronald Reagan School of Thought? 6. Key Graph or Equation? Statement Laffer Curve ???? Savings = Investment MV=PQ Aggregate Expenditures Model School of Thought? 7. Favorite Quotation? Statement “Policymakers? We don’t need no stinking policymakers!” “Supply creates its own demand!” “In the long run we’re all dead!” “Government is not the answer; government is the problem!” TINSTAAFL “There is no such thing as a free lunch.” School of Thought?
AP_Macroeconomics_Unit_7_Economic_Theories__ACTIVITY.docx