Expansionary policy only leads to inflation, but does not raise output in ________
A) traditional Keynesian theory
B) new Keynesian theory
C) real business cycle theory
D) traditional Keynesian, new Keynesian and real business cycle theory
C
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The positive externality associated with education is
a. producers can get higher prices for their goods and services b. less crowding in classrooms c. the increase in society's well-being and economic growth d. the moderation in technological progress associated with basic research e. the inability of non-contributors to benefit from education
More flexible labor markets will shift
a. both the long-run Phillips curve and the long-run aggregate supply curve to the right. b. both the long-run Phillips curve and the long-run aggregate supply curve to the left. c. the long-run Phillips curve to the right and the long-run aggregate supply curve to the left. d. the long-run Phillips curve to the left and the long-run aggregate supply curve to the right.