Keynes assumed that wages and prices were slow to adjust in order to explain
A) persistently high unemployment.
B) high inflation.
C) the high level of interest rates.
D) why inflation fell in recessions.
A
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The tables above show the labor market and the production function schedule for the country of Pickett. An increase in population changes the labor supply by 20 billion hours at each real wage rate. Potential GDP ________
A) does not change B) decreases to $3 trillion C) increases to $50 trillion D) increases to $18 trillion
Implementation of the National Industrial Recovery Act (1933) positively impacted overall industrial production
Indicate whether the statement is true or false
A game in which firms act together to increase their mutual payoff is called a ______.
a. non-cooperative game b. binding contract c. cooperative game d. payoff matrix
Which of the following is NOT part of the FOMC directive?
A. It specifies target ranges for money supply growth. B. It establishes short-term federal funds rate objectives. C. It lays out the FOMC's general economic objectives. D. It specifies who the chair of the Fed is.