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 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 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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Similar questions
- Would it make sense to argue that rational expectations economics is an extreme version of neoclassicaleconomics? Explain.arrow_forwardIn neoclassical economics, if there is unemployment, it means that:arrow_forwardDoes neoclassical economics focus on the long term or the short term? Explain your answer.arrow_forward
- Would it be plausible to claim that the theory of rational expectations is a distorted form of neoclassical economics? Explain.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_forwardWhat is the Neoclassical Economics view of labor markets. How do they function? Does the economy produce full employment? How? If not, why?arrow_forward
- How would a decrease in energy prices affect the Phillips curve?arrow_forwardDefine the neoclassical economic theory. List and explain it's main assumptions.arrow_forwardBriefly discuss the aggregate supply curve in the neoclassical model, including how the curve is drawn, what it determines, and how it operates over timearrow_forward
- Do neoclassical economists tend to focus more on long term economic growth or on recessions? Explain briefly.arrow_forwardSummarize the Keynesian and Neoclassical models.arrow_forwardDiscuss what the long-run Phillips curve looks like in the neoclassical perspective, and why the trade-off between inflation and unemployment disappears. From this perspective, what is the best government policy response to favorable economic conditions in the long run?arrow_forward
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