Say's law
A. was a basic pillar of Keynesian economics.
B. was a basic pillar of classical economics.
C. proves that we can never have full employment.
D. was formulated during the Great Depression.
Answer: B. was a basic pillar of classical economics.
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Suppose the economy is in long-run and short-run equilibrium. The Fed changes its policy by raising the difference between the discount rate and the federal funds rate. In the long run we would expect to observe
A) a higher real national income. B) a lower real national income. C) a higher price level. D) a lower price level.
In the loanable funds market, demanders of funds are ________ and suppliers of funds are ________
A) households and the government if it has a budget surplus; firms and the government if it has a budget deficit B) households and the government if it has a budget deficit; firms and the government if it has a budget surplus C) households and firms; the government if it has a budget deficit D) firms and the government if it has a budget surplus; households and the government if it has a budget deficit E) firms and the government if it has a budget deficit; households and the government if it has a budget surplus
If a producer is willing to receive at least $5 for a pen that she manufactures but she actually receives $7 for it. The producer surplus of the pen for that producer is
A) $5. B) $2. C) $7. D) -$5.
Economics can be described as the study of how people use ________ resources to satisfy ________ wants.
A. unlimited; unlimited B. limited; limited C. unlimited; limited D. limited; unlimited