John Maynard Keynes wrote that economies can suffer recession or depression for many years if the government does not intervene.
Answer the following statement true (T) or false (F)
True
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If spending is NOT responsive to changes in the interest rate, then the
A) LM curve is vertical. B) IS and LM curves are vertical. C) IS curve is vertical. D) IS curve is vertical and the LM curve is horizontal.
What is one reason activists might lobby the government for regulation limiting the production of a product to less than would normally be produced in a perfectly competitive market?
A) They value consumer surplus more than producer surplus. B) They value producer surplus more than consumer surplus. C) They seek to avoid future regulation. D) They seek to minimize total surplus.
For firms that sell one product in a perfectly competitive market, marginal revenue is:
A. equal to market price. B. the additional revenue gained from selling one more unit. C. equal to average revenue. D. All of these are true.
Which of the following represents the change in total cost that results from a one-unit increase in production?
A. Total revenue. B. Marginal revenue. C. Marginal cost. D. Marginal profit.