Which of the following groups agree that government intervention in the economy is counterproductive even in the short run?
a. Keynesians and supply-siders
b. Keynesians and neo-Keynesians
c. Keynesians and rational expectations economists
d. neo-Keynesians and rational expectations economists
e. Rational expectations economists
E
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Which of the following CORRECTLY describes the new classical cycle theory of the business cycle
A. An expected tax rate change can trigger a business cycle.
B. An unexpected change in the quantity of money can trigger a business cycle.
C. Rational expectations keep the money wage from changing quickly.
D. An unexpected change in the price of oil can trigger a business cycle.
Marge Sampson produces and sells 400 jars of homemade jelly each month for $3 each. Each month, she pays $200 for jars, $150 for ingredients, and uses her own time, with an opportunity cost of $500 . Her economic profits each month are:
a. $350. b. $500. c. $650. d. $700.