Real business cycle theory was introduced by
A) Milton Friedman and Robert Lucas.
B) Milton Friedman and Anna Schwartz.
C) Thomas Cooley and Gary Hansen.
D) Finn Kydland and Edward Prescott.
D
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If producing a good or a service creates pollution, then
A) an unregulated competitive market produces an efficient output. B) the industry's supply curve includes the extra cost of pollution. C) at the unregulated, competitive market equilibrium quantity, marginal social cost is greater than the equilibrium price. D) at the unregulated, competitive market equilibrium quantity, marginal social benefit and marginal social cost are equal. E) at the unregulated, competitive market equilibrium quantity, marginal social benefit is less than the equilibrium price.
Distinguish between a closed shop and a union shop. Are either or both shops legal? Explain
What will be an ideal response?
Suppose that the level of real GDP is $1,000,000 and the economy has 10,000 workers. Labor productivity is
a. $100 per worker b. $0.01 per worker c. $1,000,000 per worker d. $1,000 per worker e. Labor productivity cannot be computed with the information given
One advantage of emissions permits is that they allow the government to choose the level of pollution reduction.
Answer the following statement true (T) or false (F)