The two cornerstones of Classical economics are the Quantity Theory and
A) Liquidity Preference Theory.
B) disequilibrium analysis.
C) Say's Law.
D) the Phillips Curve.
C
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Social Security is an example of
A) a progressive income tax. B) a subsidized service. C) an income maintenance program. D) an unemployment benefit.
A vertical curve that defines the level of full-employment or potential output based on a given amount of resources, efficiency, and technology in the economy is called:
A) the short-run aggregate supply curve. B) the long-run aggregate supply curve. C) the aggregate demand curve. D) none of the above.
The dynamic OLS (DOLS) estimator of the cointegrating coefficient, if Yt and Xt are cointegrated,
A) is efficient in large samples B) statistical inference about the cointegrating coefficient is valid C) the t-statistic constructed using the DOLS estimator with HAC standard errors has a standard normal distribution in large samples D) all of the above
The idea that firms and resource suppliers in seeking to further their own self-interests in a competitive market economy also simultaneously promotes the public or social interest is a description of:
a. The "invisible hand" b. The guiding function of prices c. "Dollar votes" d. Capital accumulation