Like the monetarists, new classical economists favor
a. money growth aimed at achieving a nominal GDP target.
b. discretionary policy action.
c. a money growth rate that stabilizes output.
d. a money growth rule that guides monetary policy.
D
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The labor force is the sum of the
A) working-age population and the number of unemployed people. B) number of employed people and the working-age population. C) number of employed people and the number of unemployed people. D) total population and the number of unemployed people.
What would a leftward shift of the labor demand curve indicate?
a. Firms want to hire more workers than before at any given wage than before. b. Firms want to pay a higher wage than before at any given level of employment. c. Households want to supply fewer hours of work than before at any given wage rate. d. Firms want to hire fewer workers than before at any given wage rate. e. Households want to supply more hours of work than before at any given wage rate.