The Keynesian model does a sound job of explaining
a. many recessions and why cyclical unemployment rises and falls.
b. many recessions but not why cyclical unemployment rises and falls.
c. why cyclical unemployment rises and what causes inflation.
d. what causes inflation and why cyclical unemployment rises and falls.
a. many recessions and why cyclical unemployment rises and falls.
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A "decrease in demand" means that
A) the demand curve has shifted to the left. B) price has declined and consumers want to purchase more of the good. C) the demand curve has shifted to the right. D) the price of the good can be expected to decline, assuming supply stays constant.
When costs that vary with the level of output are divided by the output, you have calculated:
A. total changing cost. B. total fixed cost. C. average fixed cost. D. average variable cost.