10 Questions
According to the symposium in American Economic Review, what drives the long-term growth of capitalist economics?
Supply-side
What are the short-term fluctuations around the long-term growth trend due to, according to the symposium?
Demand-side factors
In the short-run, what determines aggregate demand according to the symposium?
Output and output capacity
What do aggregate demand shocks on output reflect, according to the symposium?
Insufficient flexibility of prices
According to the symposium, is there a long-run trade-off between inflation and unemployment?
No
According to the symposium, what is the primary target of monetary policy?
Controlling inflation
What does the symposium suggest is the main driver of long-term growth in capitalist economics?
Supply-side factors
According to the symposium, what determines demand in the short-run?
Output
What is the relationship between monetary policy and inflation in the long-run, according to the symposium?
Monetary policy has no effect on inflation
What do short-term fluctuations around the long-term growth trend reflect, according to the symposium?
Insufficient flexibility of prices and wages
Test your knowledge on national accounting, the Keynesian income-expenditure model, and fiscal policy in this quiz. Explore the "usable core of macroeconomics" and the factors driving long-term growth and short-term fluctuations in capitalist economies. Dive into aggregate demand shocks and the role of demand in economic dynamics.
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