Real business cycle theorists emphasize
a. the large number of minor, unconnected technological changes and their randomness, and these are not factors generating a business cycle
b. the small number of technological changes that clustered together trigger the business cycle
c. the evenness (or absence of any variations) in the economy's full employment growth path
d. the static and uncompetitive nature of the economy, which explains the failure of the economy to generate full employment
e. that technological change is irrelevant in a modern industrial society
A
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An increase in inflationary expectations __________ interest rate
A) raises the natural B) raises the nominal C) lowers the natural D) lowers the nominal
Excess volatility refers to
A) the unwillingness of financial analysts to consistently recommend the same stocks. B) the greater volatility of futures prices compared to the volatility of prices of the underlying assets. C) the tendency for stocks with high rates of returns also to have quite variable returns. D) the larger movements in market prices of stock than in their fundamental values.
The price system
A) is the voluntary exchange system used in the United States. B) is old fashioned and is no longer used. C) is used only in countries that are developing. D) is used to set resource prices only.
Which country has the largest percentage of its population covered by some form of private insurance?
a. Japan b. Canada c. France d. United States e. United Kingdom