The two frameworks conventional economists generally use to analyze macroeconomic issues are the:
A. inflation and the unemployment frameworks.
B. business cycle and the growth cycle frameworks.
C. stagnationist and the Post-Keynesian frameworks.
D. short-run and the long-run frameworks.
Answer: D
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Refer to the scenario above. The hypothesis of the model is that:
A) college graduates will earn 80 percent more than high school graduates. B) college graduates will earn 200 percent more than high school graduates. C) college graduates will earn 107 percent more than high school graduates. D) college graduates will earn 275 percent more than high school graduates.
In the aggregate supply-aggregate demand model, if every person in the economy correctly anticipates the inflation rate, the unemployment rate will
A) be less than the natural rate of unemployment. B) be more than the natural rate of unemployment. C) equal zero. D) equal the natural rate of unemployment.
In the economic way of thinking, "scarcity" is another way of saying
A) "regret." B) "responsibility." C) "unsustainable." D) "sacrifice." E) "waste."
Kuznets's investigations of development suggested that income
a. generally becomes more unequal as development progresses b. generally becomes more unequal up to a point, then becomes more equal c. generally becomes more equal as development progresses d. generally become more equal up to a point, then become more unequal e. none of the above