Principles of Macroeconomics 2e
2nd Edition
ISBN: 9781947172388
Author: Steven A. Greenlaw; David Shapiro
Publisher: OpenStax
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Textbook Question
Chapter 13, Problem 5RQ
Does neoclassical economics focus on the long term or the short term? Explain your answer.
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Chapter 13 Solutions
Principles of Macroeconomics 2e
Ch. 13 - Do rational expectations tend to look back at past...Ch. 13 - Legislation proposes that the government should...Ch. 13 - Would it make sense to argue that rational...Ch. 13 - Summarize the Keynesian and Neoclassical models.Ch. 13 - Does neoclassical economics focus on the long term...Ch. 13 - Does neoclassical economics view prices and wages...Ch. 13 - What shape is the long-nm aggregate supply curve?...Ch. 13 - What is the difference between rational...Ch. 13 - A neoclassical economist and a Keynesian economist...Ch. 13 - Do neoclassical economists tend to focus more on...
Ch. 13 - Do neoclassical economists tend to focus more on...Ch. 13 - Do neoclassical economists see a value in...Ch. 13 - If aggregate supply is vertical, what role does...Ch. 13 - What is the shape of the neoclassical long-run...Ch. 13 - When the economy is experiencing a recession, why...Ch. 13 - If the economy is suffering through a rampant...Ch. 13 - If most people have rational expectations, how...Ch. 13 - Explain why the neoclassical economists believe...Ch. 13 - Economists from all theoretical persuasions...Ch. 13 - Is it a logical contradiction to be a neoclassical...Ch. 13 - Use Table 26.3 to answer the following questions....
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- What is the Stackelberg Theory in Economics?arrow_forwardUsing “The Evolution of Economic Thought” book by Randy R. Grant and Stanley L. Brue as reference, 1. How was the neoclassical school valid, useful or correct in its time? Give explanation 2. List all the major tenets of neoclassical school of economics. And please give an explanation.arrow_forwardDo neoclassical economists tend to focus more on long term economic growth or on recessions? Explain briefly.arrow_forward
- Why would an economist choose either the neoclassical perspective or the Keynesian perspective, but not both?arrow_forwardWhat are 4 basic assumptions of neoclassical economicsarrow_forwardEconomics What does it mean to “vote with your dollar,” and how does this relate to Walras’s theory of General Equilibrium? Explain the relevant neoclassical assumptions for his model to work, and then give and support your opinion to the following question: are markets a good way to allocate resources?arrow_forward
- Which of the following statements best describes the Neoclassical perspective? OWe should study events like the Great Depression and Great Recession to learn more about macroeconomics ORecessions are primarily caused by a decline in spending OFocusing on the changes in potential GDP is more useful than aggregate demand OSticky wages are the primary cause of recessionsarrow_forwardWhat is potential GDP and its significance for neoclassical analysis? It’s crucial to use examples please! arrow_forwardIn neoclassical economics, if there is unemployment, it means that:arrow_forward
- 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 GDParrow_forwardThe methodology of ________ economics says that models should be based on predictions and not assumptions.arrow_forwardQ1: How does the so-called 'weak' approach to sustainability within neoclassical economics differ from the 'strong' approach to sustainability within natural science?arrow_forward
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