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
Correct Answer:
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Q21: According to the traditional Keynesian school of
Q22: In case of classical model, increase in
Q23: The recognition lag refers to the:
A)time taken
Q24: Monetarists believe that changes in monetary policy
Q25: Which of the following events challenged Keynesian
Q27: According to the new Keynesians:
A)prices adjust to
Q28: Monetarists believe that:
A)the government should follow a
Q29: Monetarists think that the government:
A)should take an
Q30: Monetarists believe that in the short run:
A)the
Q31: Which of the following schools of thought
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