The psychological theory of the business cycle is
a. incorporated into practically all other theories of the cycle.
b. held in disrepute by most economists.
c. a complete explanation of the cycle.
d. used only by monetary theorists.
a. incorporated into practically all other theories of the cycle.
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Refer to the above table. Country A has a per capita real GDP of $1000 and B has a per capita real GDP of $10,000. A is growing at a rate of 5 percent a year and B at a rate of 4 percent a year
After 50 years, how much larger is per capita real GDP in B than A? How much is this in real dollars? A) B is 12 times larger, or $230,000 larger on a real per capita basis. B) B is 8 times larger, or $175,000 larger on a real per capita basis. C) B is a little less than 2 times smaller, or almost $20,000 smaller on a real per capita basis. D) B is a little over 6 times larger, or almost $60,000 larger on a real per capita basis.
What is a monopsony and why is a monopsony able to pay a lower wage rate than a firm in a competitive labor market?
What will be an ideal response?
When government inefficiencies exist
A) a country tends to grow at a slower rate. B) a country tends to grow at a faster rate. C) economic growth is not influenced. D) dead capital is usually not a problem.
Accountants and Economists differ in their calculations of profits in that;
a. economists consider sunk costs b. accountants consider implicit costs only c. accountants consider explicit costs only d. all of the above