New classical economics
a. resulted from the high inflation and unemployment of the 1970s.
b. developed in an era of high inflation and unemployment during the 1970s.
c. resulted from the dissatisfaction associated with the prevailing Keynesian orthodoxy.
d. Both b and c.
e. all of the above.
E
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Assuming an increase in money demand, then if the Federal Reserve
a. can keep the interest rate unchanged assuming that it changes the monetary base by the appropriate amount. b. would have to aim below their previous money stock target. c. would not have to cut taxes to keep output from falling. d. All of the above e. None of the above
Refer to the above table. What is the absolute price elasticity of demand when price changes from $6.00 to $6.50?
A) 1.60 B) 1.00 C) 0.65 D) 0.60