The proponents of ________ and ________ think that the Federal Reserve should adopt a constant monetary growth rule
A) new Keynesianism; the new classical model B) the real business cycle model; Marxism
C) the monetarist model; the Keynesian model D) rational expectations; monetarism
D
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The expenditure multiplier measures the change in
A) autonomous spending that results from a change in equilibrium expenditure. B) equilibrium expenditure from a change in induced consumption. C) consumption expenditure for a given change in disposable income. D) equilibrium expenditure that results from a change in autonomous expenditure. E) the price level that results from a change in real GDP.
A sales tax imposed on sellers of a good
A) decreases the demand and shifts the demand curve rightward. B) decreases the supply and shifts the supply curve leftward. C) decreases both the demand and the supply and shifts both the demand and supply curves leftward. D) decreases the supply and shifts the supply curve rightward. E) has no effect on either the demand or the supply.
According to the "wealth effect," when the ________ falls, the ________ rises
A) price level; the real value of household wealth B) price level; the nominal value of household wealth C) inflation rate; nominal value of household assets D) unemployment rate; average level of household income
The existence of negative externalities:
A. causes the market to work more effectively. B. prevents the market from working efficiently. C. necessarily means that government must intervene in the marketplace. D. prevents government from intervening in the marketplace.