In a classical model
A. equilibrium real GDP is neither determined by aggregate supply nor by aggregate demand.
B. equilibrium real GDP is determined by both aggregate supply and aggregate demand.
C. equilibrium real GDP is determined by the government.
D. equilibrium real GDP is supply determined.
Answer: D
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The nature of employer liability changed in the 19th century through judicial instrumentalism and had what effect?
(a) Reducing the risks and the costs of business, making business enterprise more daring and profitable than it would have been otherwise. (b) Increasing the risks and the costs of business, making business enterprise more daring and profitable than it would otherwise have been. (c) Continuing the older doctrine that employers could be found guilty of contributory negligence, thus increasing the employer's liability for worker injury. (d) None of the above were effects of the changes to the nature of employer liability.
Opportunity cost is the difference between the benefits and the costs of a choice
a. True b. False
Devices that set up multiple exchange rates between the currencies of two nations are known as
a. tariff quotas. b. export subsidies. c. exchange controls. d. variable currencies.
Debt accumulation by the U.S. government in the 1980s:
A. Exceeded the debt the country had accumulated over the preceding 200 years. B. Was small compared with earlier periods of history. C. Was caused by war-related expenditures. D. None of the choices are correct.