There is no such thing as a free lunch." This is an example of which economic concept?

U.S. real GDP

A) measures the change in the price level over time. B) precisely measures the improving standard of living in the United States. C) excludes the value of underground production and leisure time. D) includes the value of underground production but excludes the value of leisure time. E) is not as accurate as nominal GDP when measuring standard of living changes over time.

According to the new classical system,

a. an anticipated change in aggregate demand will cause labor suppliers to make price forecast errors and will, therefore, affect output and employment. b. anticipated changes in aggregate demand will not affect output and employment because labor suppliers have perfect information about the price level. c. unanticipated changes in aggregate demand will shift both the aggregate demand schedule and the aggregate supply schedule. d. both b and c. e. None of the above