New classical economists
a. accept the monetarist notion that markets are perfectly competitive except for a lack of perfect information.
b. do accept the difference between the short-run and long-run results in the monetarist analysis of the effects of aggregate demand on output and employment.
c. accept the difference between the short-run and long- run results in the Keynesian analysis of the effects of aggregate demand on output and employment, but not in the monetarist analysis.
d. accept the difference between the short-run and long-run results in the monetarist analysis of the effects of aggregate demand on output and employment, but not in the Keynesian analysis.
e. Both a and b
Question 2
The condition, MRSC,C' = 1 + r, describes the representative consumer's
A) investment decision.
B) consumption - savings decision.
C) current period work - leisure decision.
D) future period work - leisure decision.
Competitive inhibition
Booker T. Washington in his office at Tuskegee Institute, 1900. Washington chose a policy of accommo
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