Each of the following had a theory of profit except
A. Karl Marx.
B. Joseph Schumpeter.
C. Frank Knight.
D. Pierre-Joseph Proudhon.
D. Pierre-Joseph Proudhon.
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If potential output equals 4,000 and short-run equilibrium output equals 3,500, there is a ________ gap and the Federal Reserve must ________ real interest rates in order to close the gap.
A. expansionary; raise B. recessionary; raise C. recessionary; reduce D. recessionary; not change
How does an increase in real GDP affect the demand for money curve?
What will be an ideal response?
The intuition behind the slope of the LM curve is that
a. as the interest rate increases, the money supply increases and income increases. b. as the interest rate increases, investment and income decreases. c. as income increases, money demand increases which increases interest rates. d. as income increases, money demand decreases which decreases interest rates. e. none of the above.
Within the AD/AS model, an increase in capital formation that permits the economy to achieve a larger output will
What will be an ideal response?