Which of the following is considered to be the major cause of the recession of 2001?
a. A decrease in defense spending
b. A spike in oil prices and the collapse of the housing bubble
c. A decline in oil prices and the collapse of the housing bubble
d. Federal Reserve policy
e. None of the above.
B
Economics
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The flaw of the Classical model of the business cycle is that it
A) assumes away output fluctuations. B) assumes complete wage rigidity. C) assumes unrealistic fooling of workers. D) requires procyclical wage movements and continuous labor market equilibrium.
Economics
Which of the distributive standards does NOT involve a value judgment?
A) productivity standard B) egalitarian standard C) merit standard D) All of the standards involve value judgments.
Economics