Which one of the following statements is TRUE?
A. The Keynesian model cannot explain periods of prolonged unemployment.
B. The classical model cannot explain periods of prolonged unemployment.
C. The Keynesian model assumes complete flexibility of wages and prices.
D. The Keynesian model shows that the level of real GDP is supply-determined.
Answer: B
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In a market with a price support set above the equilibrium price,
A) consumers gain. B) taxes on consumers decrease. C) marginal benefit exceeds marginal cost. D) the market is efficient. E) farmers gain.
________ passed the world's first anti-corruption law.
A) The United States B) The European Union C) Canada D) Brazil
When a good is not excludable but is rival in consumption the:
A. good is likely a private good. B. free rider problem may arise. C. good is likely a common resource. D. tragedy of the commons may arise.
Who appoints the Federal Reserve System's Board of Governors?
A. the President of the United States B. the Speaker of the House of Representatives C. the American Banking Association D. the Secretary of the Treasury