According to the rational expectationists
A. even if there were a recession or substantial inflation, the best government policy would be to do nothing.
B. the dramatic oil price shocks of 1973 and 1979 created declines in aggregate supply, lowering the natural level of real GDP.
C. the prime economic mover is aggregate supply, not aggregate demand.
D. All of the choices/statements are true.
D. All of the choices/statements are true.
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Industrialization in advanced economies suggests that rising productivity is responsible for
(a) a drop in the number of laborers employed in the primary sector. (b) a smaller percentage of the total labor force working in the secondary sector. (c) a significant rise in the number of people working in the tertiary sector. (d) all of the above.
Using the above table, what is the opportunity cost of moving from alternative C to alternative D?
A) 60 loaves of bread B) 2 loaves of bread C) 30 loaves of bread D) 1/2 loaf of bread
Refer to the game between James and Theodore depicted in Figure 12.1. Which of the following is true?
A. If James chooses Up, Theodore's best response is to choose Left.
B. If James chooses Down, Theodore's best response is to choose Right.
C. If Theodore chooses Left, James's best response is to choose Down.
D. If Theodore chooses Right, James's best response is to choose Up.
The shape of a monopolist's ________ schedule is a curve bowed out from the quantity (horizontal) axis.
A. marginal revenue B. marginal cost C. total revenue D. total cost