The pre-Keynesian or classical economic theory predicted that in the long-run the economy would experience:
a. long periods of high unemployment.
b. rising rates of inflation.
c. only temporary periods of high unemployment.
d. idle factors of production.
c
You might also like to view...
Cyrus McCormick and Eli Whitney were important in the technology of
A. steel. B. automobiles. C. agriculture. D. oil.
What roles do central banks play in an economy?
A) Central banks are government depositories. B) Central banks lobby for regulation on behalf of the banking industry. C) Central banks monitor fiscal agents in the economy. D) none of the above
If you must make a choice about consuming two apples, three oranges, or one candy bar, the opportunity cost of the two apples is the candy bar plus the three oranges
a. True b. False Indicate whether the statement is true or false
Each of the following, except one, would lead to a rightward shift of the labor supply curve in a particular industry. Which is the exception?
a. increased preference for this type of work b. increases in the demand for the good produced by labor c. increases in the size of the population d. reductions in the wage rates offered in alternative labor markets e. reductions in the costs of acquiring human capital