What was suggested by Keynes to move the economy out of a depressed state?
A. The invisible hand
B. The price mechanism
C. Monetary and fiscal policy
D. Zero government intervention
Answer: C
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What is the relationship between marginal revenue and total revenue?
A. Total revenue equals marginal revenue multiplied by quantity sold B. Total revenue equals marginal revenue minus total costs C. Total revenue equals marginal revenue plus the price of all products sold D. Total revenue equals marginal revenue plus fixed costs plus variable costs
If a monopolistically competitive firm is earning profits in the short run:
A. barriers to entry will allow the firm to enjoy them in the long run as well. B. it is acting like a perfectly competitive firm. C. other firms have an incentive to enter the market. D. it should leave the industry before it gets competed away.
Investment, as a part of GDP, includes:
A. stocks. B. bonds. C. gold. D. factories.
When there is a recessionary gap: a. Employment exceeds full employment
b. Employment equals full employment. c. Employment is less than full employment. d. Any of the above is possible.