Which of the following is a determinant of supply?
A) tastes and preferences of consumers
B) technology
C) consumer income
D) number of consumers
Answer: B
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In the new Keynesian model, the immediate effect on inflation of an anticipated aggregate demand shock is ________
A) less than if that event was unanticipated B) greater than if that event was unanticipated C) the same as would develop if that event was unanticipated D) independent of whether or not that event is anticipated or unanticipated
One similarity between the policy recommendations of the new classical and monetarist models is that
a. both believe that monetary policy has much stronger employment effects than does fiscal policy. b. are policy activists. c. both believe in the natural rate of output. d. both believe that discretion is preferable to rules. e. none of the above.