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Author Question: According to classical theory, a shift in aggregate demand will affect A) the price level only. ... (Read 110 times)

Shelles

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on: Jun 29, 2018
According to classical theory, a shift in aggregate demand will affect
 
  A) the price level only.
  B) real Gross Domestic Product (GDP) only.
  C) the level of employment only.
  D) both real Gross Domestic Product (GDP) and the level of employment.

Question 2

Which of the following statements is FALSE?
 
  A) Economists empirically test their models.
  B) Economic models are not used to forecast.
  C) An economic model should capture only the essential relationships that are sufficient to analyze the particular problem being studied.
  D) Economic models relate to behavior rather than to individual thought processes.


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jliusyl

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Reply #1 on: Jun 29, 2018
Answer to Question 1

A

Answer to Question 2

B


Shelles

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Reply 2 on: Jun 29, 2018
Thanks for the timely response, appreciate it

ktidd

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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