According to the new classical economics, changes in monetary policy will only impact GDP if:
a. they impact the price level.
b. they are unpredictable.
c. people have perfect information about these shocks.
d. None of the above.
B
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Which of the following economic activities is ignored in GDP accounts?
A) The market value of medical services B) The market value of educational services C) The market value of illegal drugs D) The market value of prescription drugs E) The market value of the services associated with used-car dealers
If good B is a complement to good A, then a decrease in the price of B
a. increases the quantity demanded of A b. decreases the demand for A c. increases the demand for A d. decreases the quantity demanded of A e. will cause the demand for B to increase
Elasticities are often _______ in the short run than in the long run.
a. higher b. lower c. equal d. congruent
The "superstar" phenomenon can apply to which of these jobs?
a. high-school teacher b. author c. heart surgeon d. carpenter