Which of the following is accurate about John Maynard Keynes?
a. He was one of the most influential economists in early U.S. history.
b. He believed economics is a subject but not a way of thinking.
c. He believed economics is not just a subject area but also a way of thinking.
d. He believed that economics is not a subject but is a way of thinking.
c. He believed economics is not just a subject area but also a way of thinking.
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Suppose a negative externality exists in a market. If transactions costs are low and parties are willing to bargain then, according to the Coase theorem
A) an efficient solution can be reached only if property rights are assigned to the polluters. B) government intervention is critical to reach an efficient solution. C) an efficient solution can be reached only if property rights are assigned to the victims of the pollution. D) an efficient solution can be reached regardless of the initial assignment of property rights.
Everything else held constant, if aggregate output is to the left of the IS curve, then there is an excess ________ of goods which will cause aggregate output to ________
A) supply; fall B) supply; rise C) demand; fall D) demand; rise
If the demand for bonds increases, the
a. price and quantity of bonds in existence both increase b. price of bonds increases, but the quantity of bonds in existence decreases c. price of bonds increases, but the quantity of bonds in existence remains unchanged d. interest rate and quantity of bonds in existence both increase e. interest rate increases, but the quantity of bonds in existence remains unchanged
Which statement is true?
A. Fixed costs and variable costs vary with output. B. Neither fixed costs nor variable costs vary with output. C. Only fixed cost varies with output. D. Only variable cost varies with output.