According to critics of new Keynesian economics, it is doubtful that
a. menu costs are very important in the real world.
b. efficiency wage considerations play an important role in the real world.
c. bargaining models are of significance in the real world.
d. All of the above
e. None of the above
D
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The value of total output and total income in the simple circular flow model
A) include only intermediate goods. B) are equal to each other. C) are measures of the economy's level of savings. D) are related in the sense that national income is less than national product.
When the marginal product of labor is greater than the average product of labor, the
A) marginal product of labor must be increasing as labor increases. B) average product of labor must be increasing as labor increases. C) total product must be increasing at an increasing rate as labor increases. D) None of the above answers is correct.