New classical macroeconomics developed from the
A. discrepancies between classical theory and the Great Depression.
B. theoretical and empirical critiques of traditional economics.
C. global transition from agrarian to industrial economies.
D. conversion form closed to open economies.
Answer: B
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An increase in aggregate demand in the economy will have what effect on macroeconomic equilibrium in the long run?
A) The price level will rise, and the level of GDP will fall. B) The price level will rise, and the level of GDP will be unaffected. C) The price level will fall, and the level of GDP will fall. D) The price level will fall, and the level of GDP will rise.
Allocative efficiency occurs where:
a. the price of a good is less than the marginal cost of producing it. b. the price of a good is greater than the marginal cost of producing it. c. the price of a good is equal to the marginal cost of producing it. d. the greatest quantity of output is available for sale.
Higher energy prices can be used to adequately explain the productivity slowdown in
a. the United States and the rest of the world. b. the United States but not the rest of the world. c. the rest of the world but not the United States. d. neither the United States nor the rest of the world.
One way to eliminate the Tragedy of the Commons is to
a. increase law enforcement in public areas. b. limit access to the commons. c. increase access to the commons. d. decrease taxes.