The new classical explanation of aggregate supply in the short run builds on research by
A) Irving Fisher.
B) John Maynard Keynes.
C) Robert Lucas.
D) Robert Solow.
C
You might also like to view...
The "standard of deferred value" function of money means it is:
a. Unit in terms of which everything is valued and the basis for establishing relative prices between goods and services. b. Asset people can use to accumulate wealth. c. Barter value of a product for which a nation has a comparative advantage. d. Asset individuals get for goods and services and then use later to purchase other goods and services. e. The unit in terms of which people write contracts.
Suppose that the demand for light bulbs is inelastic, and the supply of light bulbs is elastic. A tax of $2 per bulb levied on light bulbs will increase the price paid by buyers of light bulbs by
a. less than $1. b. $1. c. between $1 and $2. d. $2.
Which of the following is not an example of capital used in production?
a. a teacher's chalkboard b. a manufacturer's factory c. a landscaper's time d. an accountant's education
The average tariff rate of the United States in the 1930s was about ________ of the value of their imports.
A. 1.6 percent B. 7.4 percent C. 59 percent D. 100 percent