In the rational expectation model, government control over aggregate demand:
a. gives it the power to alter real output and employment even when the effects of government policies are expected.
b. can affect real output in the short-run only if policies are unexpected
c. has potential to change long-run real output as long as the aggregate supply curve is vertical.
d. has highly unpredictable effects on real output in the long run.
b
Economics
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According to Douglass North's "market opportunity response" model, surges in land sales in the Old Northwest in the 1810s, 1830s and 1850s were due to
a. improved transportation between the Old Northwest and the Northeast. b. rising prices for corn and wheat. c. the growth of manufacturing in the Great Lakes region. d. large reductions in property tax rates.
Economics
Economics is the study of the allocation of scarce resources and scarce time, and the ways in which people utilize those resources or that time
a. True b. False Indicate whether the statement is true or false
Economics