Which of the following was not part of the neoclassical synthesis?
A) the IS curve
B) the LM curve
C) the Phillips curve
D) aggregate demand
E) rational expectations
E
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When policy makers attempt to focus on internal balance, they
A) must be talking only about domestic goals. B) must be talking about domestic and international goals. C) must consider both domestic policy and trade. D) Any of the above might be considered internal balance.
In an efficient market, deadweight loss is ____
a. maximum. b. minimum. c. constant. d. zero.
When a market is in equilibrium,
a. quantity demanded equals quantity supplied b. quantity demanded exceeds quantity supplied c. the demand curve is identical to the supply curve d. the economy must be at a point along the production possibilities frontier e. the law of demand is equivalent to the law of supply
A recession is defined as:
a. A fall in real GDP that lasts six months or longer b. A fall in the natural rate of unemployment c. A rise in the natural rate of unemployment d. The minimum point in the business cycle before the recovery phase