Which of the following models has as its central idea that workers and firms have rational expectations?
A) the new classical model B) the monetarist model
C) the real business cycle model D) the new Keynesian model
A
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As more workers are hired, the marginal physical product of labor eventually declines because
A) less efficient workers are hired as the number of workers increases. B) workers do not work well together when the number of workers increases. C) the amount of capital each worker has to work with declines as the number of workers increases. D) of diseconomies of scale.
Southwest has the highest rate of ____________ baggage and worst ________________ performance among major airlines.
Fill in the blank(s) with the appropriate word(s).
The Great Depression did not
A. Lead to a high rate of inflation. B. Lead to an unemployment rate that reached 25 percent. C. Cause President Roosevelt to declare a "bank holiday" in 1933. D. Follow a period of apparent prosperity.
Opportunity cost can be best defined as
A. all sunk costs. B. the value of the best alternative given up when making a choice. C. the explicit cost of an activity. D. the cost of making one additional unit.