The Keynesian model agrees with monetarists and new classical models about the fact that
a. changes in the money supply drive most changes in aggregate demand.
b. aggregate supply is upward sloping because of differences between actual and expected price levels.
c. changes in aggregate demand drive business cycles.
d. Both b and c
e. None of the above
C
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_____________ is (are) the key factor in explaining the decline in death rates in the U.S. in the late 19th and early 20th century
a. Improved sanitation b. Improved medical treatments c. Urbanization d. A more varied and nutritious diet
In any production process the marginal product of labor equals
a. Change in total output divided by change in labor input b. Total output divided by total input c. Total output d. None of the above
The U.S. dollar is so widely traded partially because the New York Stock Exchange is the biggest foreign-exchange center in the world.
a. true b. false
Which of the following is most closely related to recessions?
A. Positive long-run economic growth. B. Rapid growth in the price level. C. Falling rates of unemployment. D. Negative real growth in output.