Principles of Economics 2e
2nd Edition
ISBN: 9781947172364
Author: Steven A. Greenlaw; David Shapiro
Publisher: OpenStax
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Textbook Question
Chapter 26, Problem 5RQ
Does neoclassical economics focus on the long term or the short term? Explain your answer.
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Chapter 26 Solutions
Principles of Economics 2e
Ch. 26 - Do rational expectations tend to look back at past...Ch. 26 - Legislation proposes that the government should...Ch. 26 - Would it make sense to argue that rational...Ch. 26 - Summarize the Keynesian and Neoclassical models.Ch. 26 - Does neoclassical economics focus on the long term...Ch. 26 - Does neoclassical economics view prices and wages...Ch. 26 - What shape is the long-nm aggregate supply curve?...Ch. 26 - What is the difference between rational...Ch. 26 - A neoclassical economist and a Keynesian economist...Ch. 26 - Do neoclassical economists tend to focus more on...
Ch. 26 - Do neoclassical economists tend to focus more on...Ch. 26 - Do neoclassical economists see a value in...Ch. 26 - If aggregate supply is vertical, what role does...Ch. 26 - What is the shape of the neoclassical long-run...Ch. 26 - When the economy is experiencing a recession, why...Ch. 26 - If the economy is suffering through a rampant...Ch. 26 - If most people have rational expectations, how...Ch. 26 - Explain why the neoclassical economists believe...Ch. 26 - Economists from all theoretical persuasions...Ch. 26 - Is it a logical contradiction to be a neoclassical...Ch. 26 - Use Table 26.3 to answer the following questions....
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- What is the Stackelberg Theory in Economics?arrow_forwardWhy would an economist choose either the neoclassical perspective or the Keynesian perspective, but not both?arrow_forwardDo neoclassical economists tend to focus more on long term economic growth or on recessions? Explain briefly.arrow_forward
- What does Chang mean when he describes Neoclassical economics as being more "versatile" than other schools of economic thought? You may answer in a paragraph or two.arrow_forwardWhat is neoclassical theory? Please use your own wordsarrow_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_forward
- What 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_forwardWhat is potential GDP and its significance for neoclassical analysis? It’s crucial to use examples please! 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_forwardIn Neoclassical Economics, markets lead to maximum social welfare, if particular conditions are present. Name and define those conditions.arrow_forwardIn neoclassical economics, if there is unemployment, it means that:arrow_forward
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