Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hello can you please help me with these questions and explain everything for me ? 1. Which of the following models was severely challenged and

Hello can you please help me with these questions and explain everything for me ?

image text in transcribed
1. Which of the following models was severely challenged and replaced after stagflation in the 1970s? a. Austrian Business Cycle Theory b. Phillips Curve c. Solow Model d. Law of Demand 2. Which of the following is an end that macroeconomists do not agree on achieving? a. Maximization of economic freedom b. Keeping low unemployment C. Maintaining stable prices d. Rapid economic growth 3. Consider this Cobb-Douglas production function: Y = K 'L . What does this function exhibit? a. Diminishing returns to scale b. Increasing returns to scale c. Constant returns to scale d. None of the above 4. After adjusting for inflation, real GDP per person in the U.S. was higher in 1980 than it is today. a. True b. False 5. To a macroeconomist, "income" equals total wages, while "GDP" equals total wages plus total capital income. a. True b. False 6. In the modern U.S., capital's share of total income is recently closest tor a. 17% b. 27% C. 37% d. 47% 7, Which of these crises dismantled the Keynesian consensus? a. The Great War b. Stagflation in the 1970s c. The Great Depression d. The Great Recession B. Which of the following is an exogenous variable in the supply function for good X

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Morality Of Economic Behaviour Economics As Ethics

Authors: Vangelis Chiotis

1st Edition

1351168878, 9781351168878

More Books

Students also viewed these Economics questions