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- Define the neoclassical economic theory. List and explain it's main assumptions.Review the fundamental microeconomic assumptions on the consumers’ behaviour within the neoclassical model. What are the main strengths and the main limitations of those assumptions? Discuss with theoretical and applied evidence.Please expain in detail what is the Neoclassical Economics view of labor markets. How do they function?
- If the economy is inequilibrium around the neoclassical zone of the Aggregate Supply curve, a/an ___ policy will lead to __ prices.Show and explain graphically the AD/AS model in neoclassical economic and macroeconomic.In the Teenaged Neoclassical Model (akin to Ramey's neoclassical framework), government purchases (G) are presumed to be intrincally useless; one example might be military spending in a country without foreign enemies. In the TNM, when government purchases rise, what happens to GDP (Y) and to subjective well-being (U)? Y rises, U falls. Y falls, U falls. Y rises, U rises. Y falls, U rises.
- Summarize the main implications of the neoclassical consumption model forconsumption and saving.Identify and briefly explain the neoclassical argument and the key building blocks of neoclassical approach. Briefly explain what is meant by the term "menu costs" from a macroeconomic perspective?What is meant by the term neoclassical counterrevolution? What are its principal arguments, and how valid do you think they are? Explain your answer.
- Would it make sense to argue that rational expectations economics is an extreme version of neoclassicaleconomics? Explain.why would an economist choose ethier the neoclassical perspective or the keynesian perspective, but not both ?What is the neoclassical explanation for the natural rate or the NAIRU? What does neoclassical theory say about income distribution and inequality