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we seek to understand two types of equilibria, one corresponding to the short run and the other corresponding to the long run. The short run in macroeconomic analysis is a period in which wages and some other prices do not respond to changes in economic conditions. In certain markets, as economic conditions change, prices (including wages) may not adjust quickly enough to maintain equilibrium in these markets. A sticky price is a price that is slow to adjust to its equilibrium level, creating sustained periods of shortage or surplus
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Elizabeth Alexander wrote Praise Song for the Day to celebrate the swearing in of her friend, and former University of Chicago colleague, Barack Obama as the 44th president of the United States.
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I'm bored too lol
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I don't have live classes tho so-
The correct answer is B.
Milton Friedman (1912 - 2006) was an economist who received the 1976 Nobel Prize in Economics for his studies in consumption analysis, monetary history and complex theories related to stabilization, including goverment intervention policies.
Presidents such as Hoover or Coolidge, who had governed in the decade before the Great Depression, supported laisez-faire economic measures, that consisted on free functioning of the markets with minimum goverment interventionism. Markets alone, would produce the most efficent outcomes, according to his viewpoint. Therefore, the policies introduced by these governments, involved minimum government regulation of the economic activity by the goverment.
<u>This is why Friedman, such as many others, claimed for alternative policies which involved goverment intervention for stabilization purpouses, using the mechanisms of the fiscal policy.</u> Subsequent goverments did apply such measures, being the best example the New Deal, based on Keynesian economics and implemented by President Roosevelt. The New Deal aimed to create job positions for the large unemployed sectors of the US population, by increasing public expenditure (one of the variables of the fiscal policy) in public works and hence, creating employment to undertake those works.
Your answer is:
<u>"the Congress of the United States"</u>
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Hope this helps!
