Economist Edward Prescott is associated with the
A) early spread of the old Keynesian approach.
B) creation of the "fooling" model.
C) creation of the first "New Classical" approach.
D) creation of the "real business cycle" model.
Correct Answer:
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Q21: A macroeconomic model obeys the "natural rate
Q22: According to the theory of rational expectations,the
Q23: Which of the following theories of business
Q24: In the fooling model,real wages
A)are countercyclical.
B)are procyclical.
C)are
Q25: A favorable supply shock shifts the production
Q27: The "real business cycle" (RBC)model adapts the
Q28: The downfall of the fooling model is
Q29: In the fooling model,AD/SAS equilibria to the
Q30: According to the Real Business Cycle model
Q31: In the RBC model,supply shocks
A)are always favorable
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