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 14RQ
What is the shape of the neoclassical long-run
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What is the shape of the neoclassical long-run Phillips curve? What assumptions do economists make that lead to this shape?
Does neoclassical economics view prices and wages as sticky or flexible? Why?
What’s the difference between how a Keynesian economist would sketch an AS curve and a Phillips curve, and how a neoclassical economist would sketch an AS curve and a Phillips curve? How is the shape of the different AS curves linked to the different shape of the Phillips curves?
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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Similar questions
- Would it be plausible to claim that the theory of rational expectations is a distorted form of neoclassical economics? Explain.arrow_forwardDoes neoclassical economics focus on the long term or the short term? Explain your answer.arrow_forwardWhy would neoclassical economists think that the government doesn't need to take many steps to combat unemployment? Whether you concur or disagree Explain.arrow_forward
- What is the Neoclassical Economics view of labor markets. How do they function? Does the economy produce full employment? How? If not, why?arrow_forwardHow would a decrease in energy prices affect the Phillips curve?arrow_forwardDefine the neoclassical economic theory. List and explain it's main assumptions.arrow_forward
- Briefly discuss the aggregate supply curve in the neoclassical model, including how the curve is drawn, what it determines, and how it operates over timearrow_forwardLegislation proposes that the government should use macroeconomic policy to achieve an unemployment rate of zero percent, by increasing aggregate demand for as much and as long as necessary to accomplish this goal. From a neoclassical perspective, how will this policy affect output and the price level in the short run and in the long run? Sketch an aggregate demand/aggregate supply diagram to illustrate your answer.arrow_forwardDo neoclassical economists tend to focus more on long term economic growth or on recessions? Explain briefly.arrow_forward
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