President Nixon once proclaimed that he followed the __________ school of economics.
Fill in the blank(s) with the appropriate word(s).
Keynesian
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According to the rational expectations theory, monetary policy is fully anticipated and therefore only affects: a. the level of real GDP
b. the level of real investment. c. the price level. d. the level of real consumption. e. the level of exports.
Behavioral economics
a. is a subfield of psychology that has partially replaced traditional economic analysis b. is a subfield of economics that explains how people behavior c. is a subfield of economics that incorporates insights from psychology and sociology d. provides support for the traditional economic theory of rational utility maximization e. predicts that demand curves slope upward
Which of the following statements is most correct?
A. A fixed exchange rate policy is a lack of a monetary policy. B. A fixed exchange rate policy is appropriate for a country that lacks a central bank. C. A fixed exchange rate policy is a monetary policy. D. A fixed exchange rate policy is only appropriate for countries with little international reserves.
Gross investment is:
A. what is left over from total new private investment after depreciation. B. the total amount of private investment purchases, whether new or previously existing. C. the total amount of new private investment purchases. D. the wear and tear on private investment.