Which of the following statements is (are) correct? There is agreement between the Keynesians and monetarists that
a. an increase in aggregate demand will increase both output and price in the short run.
b. there is a trade-off between inflation and unemployment in the short run.
c. in the long run, when the expected price level also has time to adjust, output will not be affected by changes in aggregate demand.
d. All of the above
e. None of the above
D
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The egalitarian view of equity would lead to:
A) equal allocations of goods across all persons. B) maximizing the utility of the least-well-off person. C) maximizing the total utility of all society members. D) none of the above
China's current rate of GDP growth is quite rapid. Its current growth rate is probably three times that of the United States. However, the levels of pollution are much higher in China. Would you consider China to be better off than the United States
given this information? Why or why not? What will be an ideal response?