The best description of the economy in the long run comes from which macroeconomic theory?
a) classical
b) aggregate demand
c) Keynesian
d) aggregate supply
Answer: a) classical
You might also like to view...
When supply shifts to the left, it would make the surplus from a price floor smaller, other things equal
a. True b. False Indicate whether the statement is true or false
An important difference between a perfectly competitive market and a monopolistically competitive market is that, in the latter,
a. there are more sellers of the good b. there are only a few large sellers c. there are no barriers to entry or exit d. there is only one seller of the good e. the product is not standardized
If the supply of aisle seats equals the supply of middle seats on an airplane, and the demand for aisle seats is _____________ than the demand for middle seats, then the equilibrium price of aisle seats will be ______________ the equilibrium price of middle seats
A) greater; higher than B) less; higher than C) greater; lower than D) less; the same as
When the benefit of another hour of work is greater than the opportunity cost, we would expect the worker to work:
A. another hour. B. exactly that amount. C. an hour less. D. Cannot be determined without more information.