For much of the 1940s, 50s and 60s, macroeconomic policymaking in the U.S. and abroad was dominated by:
a. the ideas advanced in Keynes's General Theory.
b. the ideas advanced in Friedman's Monetary History of the U.S.
c. the supply-side theories of Arthur Laffer and David Stockman.
d. Robert Lucas's theories of business cycles.
a. the ideas advanced in Keynes's General Theory.
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The quantity effect of a price reduction causes:
A) a decrease in revenue because of a lower price. B) an increase in revenue because of increased sales. C) an increase in labor demand due to increased sales of the product. D) a decrease in labor demand because of a lower price of the final product.
How is net national product (NNP) calculated?
a. Saving is subtracted from the total income of a nation's citizens. b. Saving is added to the total income of a nation's citizens c. Depreciation losses are subtracted from the total income of a nation's citizens. d. Depreciation losses are added to the total income of a nation's citizens.