There are five schools of economic thought that approach the analysis of employment and inflation quite differently. They are
a. classical, Keynesian, neo-Keynesian, rational expectations, and neo-classicists
b. classical, Keynesian, neo-Keynesian, rational expectations, and supply-side
c. classical, Keynesian, classical-Keynesians, rational expectations, and supply-side
d. classical, Keynesian, neo-Keynesian, adaptive expectations, and supply-side
e. neo-classical, Keynesian, neo-Keynesian, rational expectations, and supply-side
B
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In a "game," strategies are
A) the reactions of firms to the changes in the economy. B) the laws regulating the industry. C) the plans made by the participants. D) the potential returns the participants may get.
When it is cheaper for one firm to produce a number of different commodities together than it is for a group of small firms to produce those commodities, ____ exist(s)
a. economies of scale b. economies of scope c. diminishing marginal returns d. marginal-cost pricing
A monopoly's short-run supply curve is upward-sloping because of diminishing marginal returns.
a. true b. false
Suppose autonomous consumption increases. This increase in autonomous consumption will cause which of the following to occur?
A. The consumption function shifts up. B. The consumption function becomes less steep. C. The consumption function shifts down. D. The consumption function becomes steeper.