The neoclassical synthesis
A) was a name coined by Keynes himself for his new theories.
B) rejected virtually all of Keynes' insights.
C) held that econometric models of the economy could not be used to predict the future.
D) held that economy always operated at or very near the natural rate of unemployment.
E) was the dominant school of thought among economists in the 1950s and 1960s.
E
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A researcher finds that for an economy, the nominal GDP in the year 2012 equals the nominal GDP in the year 2013. He also finds that the output of the economy has been the same over the two years. A situation like this is possible only if:
A) the annual inflation rate in the economy is negative. B) the annual interest rate in the economy is negative. C) the annual interest rate in the economy is zero percent. D) the annual inflation rate in the economy is zero percent.
A special interest will be able to influence a legislature's actions _____
a. only if there are not special interests on the other side of the issue b. if enough members of the legislature are corrupt c. up to the point where the marginal political support they provide equals the marginal political opposition of other special interests d. as long as the marginal political support they provide to the legislature is positive