What does the phrase "Keynesian revolution" refer to?
What will be an ideal response?
The Keynesian revolution is the name given to the widespread acceptance during the 1930s and 1940s of John Maynard Keynes's macroeconomic model.
You might also like to view...
A tax is efficient if it imposes a small excess burden relative to the tax revenue it raises
Indicate whether the statement is true or false
Is PPP a theory of exchange rate determination? Explain why or why not?
What will be an ideal response?
Suppose the actual federal funds rate is below the rate implied by a particular inflation goal. In this situation, the Taylor rule implies that
A) monetary policy is expansionary. B) monetary policy is contractionary. C) monetary policy is neither expansionary or contractionary. D) fiscal policy is contractionary.
Suppose Bob leaves his $50,000-a-year job as a financial advisor to P.E.T.S. and starts his own business selling spot remover for Dalmatians. In the first year his accounting profit is $70,000 . Based on this level of success, Bob should
a. return to his old job because his economic profit is negative b. return to his old job because his economic profit is smaller than his accounting profit c. return to his old job because his economic profit is less than his old salary d. stay with his new firm because his economic profit is positive e. stay with his new firm because accounting profit is positive