The ________ economists would have the government do absolutely nothing during a period of relatively high unemployment.
Fill in the blank(s) with the appropriate word(s).
classical
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An inducement to take a particular action is called
A) the marginal benefit. B) the marginal cost. C) opportunity cost. D) an incentive.
Which of the following macroeconomic variables is procyclical and leads the business cycle?
A) Business fixed investment B) Residential investment C) Nominal interest rates D) Unemployment
New classical economists
a. accept the monetarist notion that markets are perfectly competitive except for a lack of perfect information. b. do accept the difference between the short-run and long-run results in the monetarist analysis of the effects of aggregate demand on output and employment. c. accept the difference between the short-run and long- run results in the Keynesian analysis of the effects of aggregate demand on output and employment, but not in the monetarist analysis. d. accept the difference between the short-run and long-run results in the monetarist analysis of the effects of aggregate demand on output and employment, but not in the Keynesian analysis. e. Both a and b
A reentrant is an individual
A) in the labor force whose employment was involuntarily terminated. B) who used to work full time but left the labor force and has now reentered it looking for a job. C) in the labor force who quits voluntarily. D) who has never held a full-time job lasting two weeks or longer but is now seeking employment.