Imagine that the AD curve intersects the AS curve in the Neoclassical Region and that the price of oil increases dramatically. What happens to the level of GDP? Group of answer choices (A) It goes down. (B) It stays the same. (C) It goes up.
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- Imagine that the AD curve intersects the AS curve in the Neoclassical Region and that the price of oil increases dramatically. What happens to the price level? Group of answer choices (A) It stays the same. (B) It goes up. (C) It goes down.According to neoclassical theory, compensating consumers for inflation as measured by a base year weighted index can overcompensate them because: A some goods may be inferior B relative prices may not have changed C some goods may give disutility D goods are substitutable in consumer preferencesIn Spring 2020, the U.S. economy once again found itself in an economic crisis, this time due to the COVID-19 pandemic. Which approach did the U.S. government follow in regards to the economy—Keynesian or Neoclassical? Explain.
- According to neoclassical economists, a graph of aggregate supply in long run appears: A) Upward sloping B) Horizontal C) Vertical D) Downward slopingIf the economy is inequilibrium around the neoclassical zone of the Aggregate Supply curve, a/an ___ policy will lead to __ prices.Neoclassical economics does NOT argue _______ Question 1 options: GDP is determined by supply factors such as resources and technology, not aggregate demand government regulation is generally good for the overall economy the market system has the self-adjusting mechanism that fixes unemployment and recession in the long run as long as wages, prices, and interest rates are flexible raising minimum wage generally creates unemployment
- According to a neoclassical perspective, in the long run, a surge in aggregate demand will most likely result in A) A rise in the level of output. B) An increase in the aggregate price level. C) A decline in the level of output D) Downward pressure on the price level.A key difference between neoclassical and Keynesian economists is how to predict and treat the future growth of the economy. Neoclassicalists believe the focus should be on ____________ and Keynesians believe the focus should be on _________________. A, B, C, OR D ONE ANSWER A short-term problems; long-term problems B long-term problems; short-term problems C long-term problems; long-term problems D short-term problems; short-term problemsWhat is the Neoclassical Economics view of labor markets. How do they function? Does the economy produce full employment? How? If not, why?
- Neoclassical economics does not provide an adequate conceptual framework for the analysis and understanding of economic change and the dynamics of the global economy. Why? In recent years which theory challenges the fundamental assumptions of the neoclassical theory? What is counter-arguments? Explain and discuss.At the end of the fourth quarter of 2022 (December 2022) was the United States economy operating in the Keynesian, intermediate, or neoclassical portion of the economy’s Short Run Aggregate Supply Curve? Explain.For this assignment, please write a 200-300 word defense of either the Keynesian perspective or the Neoclassical perspective of economics. In other words, which worldview makes the most sense to you? You are encouraged to relate your explanation to specific examples, politics, the fashion industry, your own life, etc.