Recent research up to the crisis proceeded mainly on three fronts. Discuss each of them
What will be an ideal response?
New classical: the extent to which fluctuations in output are explained by movements in the natural level of output. New Keynesian: exploring the nature of market imperfections and nominal rigidities and the extent to which they can explain fluctuations in output. New Growth theory: examines the determinants of technological progress and the implications of increasing returns to scale for economic growth.
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In the Classical model, an increase in aggregate demand leads to __________ real GDP and __________ price level
A) an unchanged; an unchanged B) a rising; an unchanged C) a rising; a rising D) an unchanged; a rising
Which of the following accurately describes condemnation by right of eminent domain?
(a) It involves the redistribution of property first owned by the government to private businesses. (b) It was never exercised for such private purposes as acquiring land for canal or railroad construction during the antebellum period. (c) The benefits can be diverse and the costs can be concentrated. (d) It was never exercised by the federal government before the 1870s.