The two frameworks conventional economists generally use to analyze macroeconomic issues are the:
A. inflation and the unemployment frameworks.
B. business cycle and the growth cycle frameworks.
C. stagnationist and the Post-Keynesian frameworks.
D. short-run and the long-run frameworks.
Answer: D
Economics
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Which of the following is FALSE regarding inelastic demand?
A) Price elasticity of demand is less than 1 (Ep < 1). B) If a firm raises price, total revenues will go up. C) Price elasticity of demand is greater than 1 (Ep > 1). D) If a firm lowers price, total revenues will fall.
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When an inverse relationship is graphed, the resulting line or curve is:
A. horizontal. B. vertical. C. upward-sloping. D. downward-sloping.
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