Which of the following changes would not be considered a likely source of changes in Real GDP according to real business cycle theory?
A) a natural disaster
B) a technological change
C) a change in the price of an important input
D) a change in the money supply
E) none of the above
D
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If the market in the figure above is perfectly competitive, consumer surplus is the area ________
A) ABH B) BFGH C) ACG D) BCD E) ACE
President Eisenhower considered his main economic task as _______________.
Fill in the blank(s) with the appropriate word(s).
As long as firms currently in a monopolistically competitive market are earning profits:
A. more firms will enter the market with products that are close substitutes. B. the firm will lower its price to keep out competitors. C. the government will step in to regulate prices to ensure they stay competitive. D. more firms will leave the market before the profits are competed away.
Coins and paper bills used as money:
a. currency b. commodity money c. representative money d. fiat money