_______________________: A group of theories which attempt to explain the voting behaviors of voters & politicians
Fill in the blank(s) with the appropriate word(s).
Ans: Public Choice Theory
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In the New Keynesian model, the stabilization effects of fiscal and monetary policy are different because
A) the effects on the composition of output are different. B) monetary policy does not work in a liquidity trap, but fiscal policy does. C) monetary policy affects spending on goods indirectly; fiscal policy affects spending directly. D) all of the above.
Unemployment that results from the seasonal pattern of work in specific industries is
A) frictional unemployment. B) structural unemployment. C) cyclical unemployment. D) seasonal unemployment.
If there was both an increase in technology and an increase in labor force participation, real GDP growth would ____ and real GDP growth per capita would ____
a. increase: increase b. be indeterminate; be indeterminate c. be indeterminate; decrease d. increase; be indeterminate
The _____________ indicates the least costly way of producing each output level when all inputs can be varied.
Fill in the blank(s) with the appropriate word(s).