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- The President of Vulcan hires you as an economic consultant. He is concerned that the output level in Vulcan is too high and that this will cause prices to rise. He feels that it is necessary to reduce output by $10 billion. He tells you that the MPC in Vulcan is 0.6. Which of the following would be the best advice to give to the Vulcan president?
- Which of the following statements is false?A. Economists who believe that the economy is self-regulating advocate for a great deal of government intervention to help push the economy toward long-run equilibrium.B. Classical economists believed that wages, prices, and interest rates are flexible.C. Economists who believe that the economy is self-regulating advocate for a macroeconomic policy of laissez-faire.D. Classical economists believed that Say's law holds in a money economy.
- Monetary neutrality means that a change in the money supply a. does not change real variables. Most economists think this is a good description of the economy in the short run and in the long run. b. does not change real variables. Most economists think this is a good description of the economy in the long run but not the short run. c. does not change nominal variables. Most economists think this is a good description of the economy in the short-run and the long run. d. does not change nominal variables. Most economists think this is a good description of the economy in the long run but not the short run.