Monetarism is a school of thought put forth by ________, who argued that the economy would most likely be at potential GDP
A) Finn Kydland and Edward Prescott B) Milton Friedman
C) Robert Lucas and Thomas Sargent D) Karl Marx
B
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A nation's account with the International Monetary Fund is measured in an international unit known as
A) international reserves. B) special drawing rights. C) monetary deposits. D) monetary rights.
If real GDP in 2002 is $10 trillion, and in 2003 real GDP is $9.5 trillion, then real GDP growth from 2002 to 2003 is
A) 0.5%. B) 5%. C) 0%. D) -5%.
If an economy that produces capital and consumer goods is operating at a point on its production possibilities curve:
A. the economy is incapable of achieving significant economic growth. B. it is achieving full employment but not full production. C. more capital goods can be produced only at the cost of some consumer goods. D. it is achieving full production but not full employment.
The use of coinsurance clauses and deductibles is an attempt by insurance companies to deal with the problem of:
A. moral hazard. B. non-payment of premiums. C. adverse selection. D. insufficient government regulation.