A key element of real business cycle theory is that
a. labor supply is not responsive to changes in real wages.
b. labor supply is highly elastic.
c. as the wage increases, workers are richer and work less.
d. none of the above.
Question 2
During the recession of 2001,
a. there were a number of proposals for tax increases or spending cuts to stir the economy, but they failed due to worries about their effects on the already large deficit.
b. a series of tax cuts were passed, though they only occurred in late 2001.
c. all the proposed tax and spending cuts were approved in order to motivate the economy and reduce the large deficit.
d. the cyclical deficit increased but the structural deficit remained unchanged.
e. None of the above
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