A sudden increase in the demand for newly built homes will
a. decrease the demand for lumber, bricks, and steel.
b. decrease the demand for construction workers and architects.
c. increase the marginal product of workers in the construction industry.
d. increase the demand for construction workers and architects.
D
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Wobet is a small country that produces only steak and potatoes. Steaks have a price of $10 each and potatoes have a price of $1 each. Suppose that Wobet produces 10 steaks and 20 potatoes in 2010. Using ________, Wobet has GDP equal to ________
A) market value; 30 units B) a market basket; 30 units C) market value; $120 D) real value; $120 E) a price index; $120
How do new classical economists view the importance of policy rules and discretion in macroeconomic policy?
What will be an ideal response?