Which of the following models view changes in real supply-side factors as determinants of short-run fluctuations in output and employment?
a. New classical models
b. Political business cycle models
c. Keynesian models
d. Real business cycle models
e. none of the above
D
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What, according to Akerlof, causes the price difference between a one-year old used car and an unsold car manufactured by the same company in the same year?
What will be an ideal response?
Ceteris paribus, an increase in the price of a good will cause the
a. quantity demanded of the good to increase. b. quantity supplied of the good to decrease. c. consumer surplus derived from the good to decrease. d. demand of the good to increase.
The courts in some states have declared the financing of public schools by local property taxes unconstitutional because
A. housing should never be the basis for taxation of any kind. B. taxes on real estate generate too much tax revenue. C. disparity in property values means some communities have more in tax revenues to spend on education than do communities containing less valuable property. D. the funds for public education should come from federal revenues, not from local property taxes.
Joe runs a business and needs to decide how many hours to stay open. Figure 2.2 illustrates his marginal benefit of staying open for each additional hour. Suppose that Joe's marginal cost of staying open per hour is $24. How many hours should Joe stay open?
A. 3 hours B. 4 hours C. 5 hours D. 6 hours