Keynesians have been critical of supply-side economics because it ignores
a. the natural rate of unemployment
b. exogenous supply-shocks
c. distributional issues.
d. the costs of high inflation.
C
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In a closed economy, national savings is:
A. the sum of the savings of individuals and corporations plus the savings of the government. B. the sum of public savings plus private savings. C. equal to national investment. D. All of these are true.
When quantity demanded is greater than quantity supplied, the resulting shortage causes the price to fall.
Answer the following statement true (T) or false (F)
Price discrimination allows a producer to
A. Reap the highest possible average price for the quantity supplied. B. Decrease total costs. C. Increase the elasticity of consumer demand. D. Minimize marginal costs.
Under the U.S. system of regulation, most regulars are selected from
A) politicians and their friends. B) the industry that is to be regulated. C) consumer advocacy groups. D) university professors who understand the nature of the industry and who understand the true interests of consumers.