This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: The school of thought that assumes that real GDP is determined by aggregate supply, whereas the ... (Read 28 times)

Pea0909berry

  • Hero Member
  • *****
  • Posts: 573
on: Jun 30, 2018
The school of thought that assumes that real GDP is determined by aggregate supply, whereas the equilibrium price level is determined by aggregate demand is known as _____.
 a. neoclassical economics
  b. classical economics
  c. new Keynesian economics
  d. Keynesian economics
  e. Marxist economics

Question 2

If the supply curve for a product is horizontal, then the elasticity of supply is:
 a. equal to zero.
 b. equal to one.
 c. greater than one but less than infinity.
  d. equal to infinity.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

cclemon1

  • Sr. Member
  • ****
  • Posts: 312
Reply #1 on: Jun 30, 2018
Answer to Question 1

b

Answer to Question 2

d


Pea0909berry

  • Member
  • Posts: 573
Reply 2 on: Jun 30, 2018
YES! Correct, THANKS for helping me on my review

frankwu0507

  • Member
  • Posts: 322
Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

« previous next »
 

Did you know?

Chronic marijuana use can damage the white blood cells and reduce the immune system's ability to respond to disease by as much as 40%. Without a strong immune system, the body is vulnerable to all kinds of degenerative and infectious diseases.

Did you know?

Eating carrots will improve your eyesight. Carrots are high in vitamin A (retinol), which is essential for good vision. It can also be found in milk, cheese, egg yolks, and liver.

Did you know?

Each year in the United States, there are approximately six million pregnancies. This means that at any one time, about 4% of women in the United States are pregnant.

Did you know?

Between 1999 and 2012, American adults with high total cholesterol decreased from 18.3% to 12.9%

Did you know?

There are 60,000 miles of blood vessels in every adult human.

The Calvin Cycle Was Determined by Isotope Labelling Methods The Calvin Cycle Was Determined by Isotope Labelling Methods
These school-age childrean are eating a health snack These school-age childrean are eating a health snack
Should School Meals Align with the Dietary Guidelines for Americans? Should School Meals Align with the Dietary Guidelines for Americans?
Ratio of College Wages to High-School Wages Ratio of College Wages to High-School Wages
Testing the arterial supply to the lower extremities Testing the arterial supply to the lower extremities
Determine the # of real roots from the equation Determine the # of real roots from the equation
Video: Stroke volume - afterload definition & hypertension

For a complete list of videos, visit our video library