The real-business-cycle theory:
A. is a monetarist view of the business cycle.
B. is the mainstream view of the business cycle.
C. assumes that the supply of money is constant.
D. says that macro instability results from shifts in the long-run aggregate supply curve.
D. says that macro instability results from shifts in the long-run aggregate supply curve.
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"Natural unemployment" includes those out of work because of
A) expected or normal turnover which will always characterize a part of the labor force. B) structural unemployment caused by normal technological change in production. C) a recession. D) A and B.
One reason that it might be difficult for a player to determine his best strategy is that
A) he might have limited ability to calculate the possible outcomes. B) he is irrational. C) there is no pure strategy. D) there are multiple Nash equilibria.