Keynesian economists argue that the automatic adjustment of wages and prices in the macro economy is quite rapid
a. True
b. False
Indicate whether the statement is true or false
False
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Which of the following is not an institutional constraint that limits the United States' production possibilities?
A. Blue laws that restrict bars and liquor stores from opening on Sunday B. Restrictions on child labor C. The fact that Americans dislike working at night or on the weekends D. Workers who are "in between" jobs
In the above table, if the marginal revenue product is $26, how many workers will the profit maximizing monopsonist hire and what wage will they pay each worker?
A) 5; $18 B) 5; $16 C) 4; $16 D) 6; $30
Explain the impact of: 1 . A rent ceiling set below the equilibrium price. 2 . A price floor set above the equilibrium price
Suppose there are both multiplier and crowding out effects but without any accelerator effects. An increase in government expenditures would
a. shift aggregate demand right by a larger amount than the increase in government expenditures. b. shift aggregate demand right by the same amount as the increase in government expenditures. c. shift aggregate demand right by a smaller amount than the increase in government expenditures. d. Any of the above outcomes are possible.