Suppose the AD and SAS curves shift upward by the same amount. Real GDP would ________ while the price level ________

John Maynard Keynes and his followers argued that the Great Depression was primarily the result of:

a. excessive government spending. b. large budget deficits. c. the perverse monetary policies of the Fed. d. insufficient aggregate spending on goods and services.

The CPI is more commonly used as a gauge of inflation than the GDP deflator is because

a. the CPI is easier to measure. b. the CPI is calculated more often than the GDP deflator is. c. the CPI better reflects the goods and services bought by consumers. d. the GDP deflator cannot be used to gauge inflation.