Which macroeconomic model dominated macroeconomic analysis from the early post-World War II era until the late 1960s?
a. The monetarist model
b. The Keynesian model
c. The classical model
d. The new classical model
e. None of the above
B
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"The Florida freeze has destroyed 40% of the orange cro
A) Yes. The freeze would not reduce the supply. B) Yes. The higher price would not reduce the demand. C) Yes. It assumes the demand curve for oranges is vertical. D) Yes. It assumes the demand curve for oranges is upward-sloping.
Economists suggest that food supply can best be assured by a policy of
a. self sufficiency b. encouraging imports c. focusing on export crops d. food security e. all of the above
An increase in income produces a parallel, outward shift in the budget line
a. True b. False Indicate whether the statement is true or false
Fiscal policy is implemented primarily by
A) local governments alone. B) the defense department. C) state governments alone. D) the federal government. E) state and local governments.