Among the pioneers of real business cycle theory is ________
A) Edward Prescott
B) Robert Lucas
C) Robert Solow
D) Paul Volcker
A
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National income is defined as gross national product minus
a. depreciation and net taxes. b. national income. c. depreciation. d. personal disposable income.
When firms are said to be price takers, it implies that if a firm raises its price,
a. buyers will go elsewhere. b. buyers will pay the higher price in the short run. c. competitors will also raise their prices. d. firms in the industry will exercise market power.
when the Fed sells US gov securities to a bank the Fed
What will be an ideal response?
Which of the following is an example of a "how much" decision?
A) Dinah's Diner is only open for breakfast and lunch. Dinah is trying to decide whether to open for dinner as well. B) Zander has torn up his front yard and is debating whether to plant grass or install a rock garden. C) You received a nice birthday check from your grandmother and are deciding on whether to spend it on a trip to New York or a trip to San Francisco. D) Sergio quit his job to go back to school full time.