Which of the following could be described as an aggregate demand-driven model of business cycles?
a. Keynesian model.
b. monetarist model.
c. New Keynesian model.
d. classical model.
e. a, b, and c.
E
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In monopolistic competition, the demand curve for a firm's product is negatively sloped because of
A) barriers to entry. B) no barriers to entry. C) product differentiation. D) economies of scale.
Suppose two firms are trying to decide how much to budget for research and development. Once a new discovery is made, each firm benefits regardless of which firm developed the innovation. In this R&D game of chicken, the Nash equilibrium will be that
A) either both firms conduct the R&D or neither firm conducts the R&D. B) only one firm conducts the R&D but which firm conducts the R&D cannot be determined. C) both firms conduct the R&D. D) neither firm conducts the R&D.
Table 7-1 Workers Toys1 5212322430535? ? ? In Table 7-1, the marginal physical product begins to diminish with the addition of the
A. second worker. B. third worker. C. fourth worker. D. Marginal returns never diminish in Table 7-1.
Consider a broom factory that permanently closes because of foreign competition. If the broom factory's workers cannot find new jobs because their skills are no longer marketable, then they are classified as:
a. seasonally unemployed. b. frictionally unemployed. c. structurally unemployed. d. cyclically unemployed.