The ______ believed that our economy was self-regulating and argued against government interference with its operations.
A. classical economists
B. supply-side economists
C. Keynesians
D. economic behaviorists
A. classical economists
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All of the following are true of the HPAE EXCEPT
A) macroeconomic stability has been a high priority of their economic policies. B) strong, credible commitments to sharing economic growth across all layers of society exist. C) exports have been promoted while at the same time being more open to imports than other developing countries. D) restrictions on imports of capital goods have helped to favor the development of domestic technology.
One way to express the classical idea of monetary neutrality is to draw
a. a downward-sloping short-run Phillips curve. b. an upward-sloping short-run Phillips curve. c. a downward-sloping long-run Phillips curve. d. a vertical long-run Phillips curve.
Using Figure 1 above, if the aggregate demand curve shifts from AD2 to AD3 the result in the long run would be:
A. P2 and Y2. B. P1 and Y2. C. P4 and Y2. D. P1 and Y1.
The law of ________ explains why a marginal revenue product schedule eventually declines.
A. increasing marginal opportunity costs B. diminishing marginal returns C. increasing marginal returns D. diminishing marginal opportunity costs