The school of thought that assumes that real GDP is determined by aggregate supply, whereas the equilibrium price level is determined by aggregate demand is known as _____
a. neoclassical economics
b. classical economics
c. new Keynesian economics
d. Keynesian economics
e. Marxist economics
b
You might also like to view...
If wages for a certain type of labor were higher in one market than in another, then
A) the differential would exist into the long run. B) labor would move from the high wage market to the low wage market until wages were equal. C) labor would move from the low wage market to the high wage market until wages were equal. D) firms would not be acting as profit maximizers.
The nominal interest rate is determined by:
A. inflation. B. the Treasury. C. the Fed. D. the point where the supply of money meets the demand for money.
Which would be a positive economic statement?
a. Government should provide free housing shelter for the homeless b. Stock prices rose to a new record last month for the fourth month in a row c. The minimum wage should be increased to give people a decent wage d. Americans should buy American products to boost the national economy
Which of the following is a major reason why the Medicare program is in such financial trouble?
A. Workers are not paying enough into the program. B. There is a shortage of medical school applicants. C. The government set reimbursement rates too high. D. Because medical services are subsidized by the government, both consumption by the elderly and the cost of services have increased.