Which of the following statements best describes the perspective of many mainstream economists?
a. Many mainstream economists take a Keynesian perspective, emphasizing the importance of aggregate demand, for the long run, and a neoclassical perspective, emphasizing the importance of aggregate supply, for the short run.
b. Many mainstream economists take a Keynesian perspective, emphasizing the importance of aggregate demand, for the short run, and a neoclassical perspective, emphasizing the importance of aggregate supply, for the long run.
c. Many mainstream economists take a neoclassical perspective, emphasizing the importance of aggregate demand, for both the short and long run.
d. Many mainstream economists take a Keynesian perspective, emphasizing the importance of aggregate demand, for both the short and long run.
b. Many mainstream economists take a Keynesian perspective, emphasizing the importance of aggregate demand, for the short run, and a neoclassical perspective, emphasizing the importance of aggregate supply, for the long run.
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Suppose that the production function is Y = AK0.7L0.3, the number of workers equals 800, the capital stock is $150,000, and total factor productivity is 3
What is the value of real GDP? What will happen to real GDP if total factor productivity doubles?
The Medicare pay-as-you-go system is jeopardized by
a. an overly generous fee schedule that pays physicians more than private insurance for most procedures. b. the changing demographics of the U.S. population with an increasing percentage over the age of 65 c. a reliance on the premiums paid by the elderly themselves to fund a majority of the total cost of the system. d. allowing physicians to balance bill their patients. e. the rising costs of long-term care.
A majority of the world's exports are exported to
a. small countries b. less-developed countries c. poor countries d. industrially-developed countries e. the United States
According to 2014 data on the U.S. population, which of the following groups of adults of prime working age (ages 25-54) had the lowest unemployment rate?
a. white males b. white females c. black males d. black females