The level of income is unchanged in response to anticipated anti-inflation policy in ________
A) real business cycle theory
B) traditional Keynesian theory
C) new Keynesian theory
D) post classical theory
A
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Which of the following is TRUE of an oligopoly?
A) They engage in nonprice competition. B) They do not react to actions of their competitors. C) Each firm produces a small portion of the total output. D) Firms do not care what their competitors do.
Which of the following is false?
a. Product liability laws can make it unprofitable to sell shoddy merchandise, providing a substantial incentive to provide safe products independent of government regulations. b. Asymmetric information exists when the available information is initially distributed in favor of one party to a transaction relative to another. c. In adverse selection situations, it is rational for a seller with more information about a product to provide a truthful and complete disclosure and make that fact known to a potential buyer. d. Moral hazard arises in part from the fact that it is costly for an insurer to monitor the behaviors of the insured party.