Traditional classical economists believe that:
A) wage rates are perfectly flexible.
B) people do not have perfect information about the economy.
C) prices are fixed for long periods of time.
D) the price of resources, technology, and expectations cannot influence the equilibrium level of real GDP.
E) changes in aggregate demand change only the real GDP.
Correct Answer:
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Q50: _ is the theory that was popular
Q51: An economist from which school of thought
Q52: According to new classical school of economics,
Q53: An economist from which school of thought
Q54: Suppose the central bank increases the money
Q56: The economic theory that suggested an alternative
Q57: The main reason why the traditional classical
Q58: According to classical economics:
A)real GDP is determined
Q59: The new classical school holds that:
A)macroeconomic equilibrium
Q60: According to the new classical school, an
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