We have studied three macro-economic models: Classical, Keynesian, and Austrian (sometimes called the Market Process Model).

1. On what important concept or policy do the Classical and Keynesian models agree? (No credit for MV=PQ)

2. On what important concept or policy do the Classical Model and Keynesian models disagree? (No credit for MV=PQ)

3. On what important concept or policy do the Classical Model and Market Process models agree? (No credit for MV=PQ)

4. On what important concept or policy do the Classical Model and Market Process models disagree? (No credit for MV=PQ)

5. While Classical and Keynesians may disagree about the details of the Equation of Exchange (MV=PQ), they both accept it as a theoretical construct. They agree that it is useful when describing the economy.Market process economists disagree.Why?