Which of the following is not assumed in Real Business Cycle theory?
A) labor supply curves are relatively flat
B) markets allocate resources efficiently
C) economic expansions are caused by technological improvements
D) recessions are caused by reductions in aggregate demand
E) the marginal product of labor changes over the course of the business cycle
Correct Answer:
Verified
Q1: Internationally,recessions
A) are likely to begin in the
Q2: Business cycles affect long run growth because
A)
Q3: Over the course of the business cycle
A)
Q5: Which of the following plays a central
Q6: The economy's capacity to produce is defined
Q7: The impact of recession
A) is, in the
Q8: Okun's law refers to
A) The tendency for
Q9: The most controversial element of the Frisch-Slutsky
Q10: Comparing State economies to that of the
Q11: Output in excess of potential GDP
A) implies
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