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Neo Keynesians believe that the market power exercised by unions monopolies and

   Neo-Keynesians believe that the market power exercised by unions, monopolies, and
                            particular resource suppliers created the Phillips curve.

22.              A supply shock jolts the economy from one Phillips curve to another.

 

23.              The countercyclical monetary and fiscal policies that were supposed to produce full
                            employment without inflation don’t work in economies characterized by the Phillips
                            curve.

24.              Wage and price controls successfully control inflation when the government is pursuing a
                            counter-cyclical policy to reduce the unemployment rate during a recession.

25.              Keynesians and supply-siders both agree that the government can take steps to reduce
                            both the unemployment rate and the inflation rate.

26.              Milton Friedman is immensely famous among economists for having established the
                            supply-side school of economics.

27.              The Laffer curve is a relationship based on the presumption of an indirect relationship
                            between government tax rates and gross domestic product (GDP).

28.              According to the neo-Keynesians, the Phillips curve is stable over time.

 

29.              Classical economists believed that the best governmental policy is no policy at all.

 

30.              According to the classical theory, inflation occurs when the annual rate of growth of the
                            money supply is higher than the annual rate of growth of full-employment real GDP.

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