The difference between merchandise exports and imports is called the ________ balance

The ________ of the 1968 tax surcharge led to the prominence of the developer of the permanent-income hypothesis that predicted it, ________

A) success, Walter Heller B) success, Milton Friedman C) failure, Walter Heller D) failure, Milton Friedman

The difference between the Keynesian and classical labor supply functions is that in the Keynesian version

a. workers know the real wage while in the classical system workers must form an expectation of the price level. b. workers must form an expectation of the price level while the workers know the real wage in the classical system. c. workers are assumed to be interested in the money wage while in the classical version workers know the real wage. d. labor supply depends on the actual real wage while labor supply depends on the expected real wage in the classical system.