From a neoclassical view, which of the following is less important? fighting unemployment encouraging long-term growth encouraging more productivity per worker level of potential GDP
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From a neoclassical view, which of the following is less important? fighting
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- In a neoclassical model, describe how each of the following developments or measures will impact unemployment:• a rise in income levels for consumers throughout the economy• cheaper imported products• a fall in government spendingIn the neoclassical Supply and Demand model, what is meant by shortage? Group of answer choices Making a bet that the value of a stock will go down. At the existing price, the quantity demanded exceeds the quantity supplied. At the existing price, quantity supplied exceeds the quantity demanded. A decrease in quantity demanded.From a neoclassical viewpoint, government should focus less on: A. long-term growth. B. controlling inflation. C. aggregate supply. D. cyclical unemployment.
- If the production conditions in the United States and Japan were to become essentially the same, would the neoclassical model suggest that trade between the two countries would cease? Why or why not? Illustrate your answer with a graph.In neoclassical economics, if there is unemployment, it means that:What are the key building blocks of the neoclassical consumption model?
- What is the Keynesian and Neoclassical models.Which one of the following statements is false? Group of answer choices -The neoclassical model came to dominate economic thinking in the twentieth century. -The neoclassical model used solar energy as the primary input to production. -The neoclassical model takes a narrower view of human motivations than the behavioral model. -The idea of rationality is at the core of the neoclassical model. -The neoclassical model is the basis for Paul Samuelson’s textbook on introductory economics.One practical limitation of the Classical or Neoclassical model is that it suggests allowing the economy to self-correct in the long run, but recessions may last a very long time. How severe is this problem and why? What is one example?
- Which one of the following is the best example of someone acting according to the assumptions of the traditional neoclassical model? -Dori studies hard for her test so she can eventually land a great job. -Alenia buys groceries for her sick neighbor out of kindness. -Marc buys a pack of cigarettes out of habit. -Chip buys an exercise machine based on a TV ad, even though research has shown that the machine is ineffective.Does neoclassical economics focus on the long term or the short term? Explain your answer.Briefly discuss the aggregate supply curve in the neoclassical model, including how the curve is drawn, what it determines, and how it operates over time