The real business cycle school of thought is generally viewed as controversial because
A) it blames unemployment on immigration.
B) it contradicts classical economic thought.
C) critics find it difficult to understand how many of the post-World War II recessions could be explained by adverse changes in technology.
D) all of the above.
C
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Suppose a market is in equilibrium. If a price ceiling is set by the government below the equilibrium price, which of the following is most likely to occur?
Which of the following functions is NOT performed by any of the twelve regional Federal Reserve Banks?
A) check clearing B) conducting economic research C) setting interest rates payable on time deposits D) issuing new currency
Anything that increases the demand for foreign goods relative to domestic goods tends to ________ the domestic currency because domestic goods will only continue to sell well if the value of the domestic currency is ________,
everything else held constant. A) depreciate; lower B) depreciate; higher C) appreciate; lower D) appreciate; higher
The additional output from one more worker is known as
A) marginal revenue product. B) marginal physical product. C) marginal factor cost. D) marginal wage.