Say's law
A) explains the role of money.
B) deals with interest rates, employment, and production.
C) was accepted and praised by John Maynard Keynes.
D) None of the above.
B
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According to the theory based on rational expectations and flexible wages and prices,
A) only the combination of discretionary fiscal policy and conservative monetary policy can affect real GDP in the long run. B) neither fiscal nor monetary policy influence real GDP in the long run. C) fiscal policy has less effect on real GDP than monetary policy in the long run. D) monetary policy has less effect on real GDP than fiscal policy in the long run.
Rational choice
A) is a choice that uses the available resources to best achieve the objective of the person making the choice. B) is always efficient. C) is what you must give up to get what you want. D) is made by comparing different incentives. E) provides the answer to only the "how" question.