Related to the Economics in Practice on page 36: In the survey conducted by Esther Duflo and Abhijit Banerjee, the extremely poor were found to consume ________ of their budgets on food compared to people in the United States.
A. about the same percentage
B. a slightly lower percentage
C. approximately 50 percent less
D. a significantly higher percentage
Answer: D
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Refer to the table above. What is the total benefit that the consumer derives when he consumes 4 quarts of milk?
A) $8 B) $22 C) $24 D) $25
The monopoly illustrated in the figure above is unregulated and charges a single price. The deadweight loss created by the monopoly is
A) $0. B) $22.50. C) $45.00. D) $90.00.
A deliberate change in the government's deficit
A) constitutes discretionary fiscal policy. B) leads to automatic stabilization. C) acts as a drag on the economy. D) is implemented by the Fed.
John Maynard Keynes and Friedrich Hayek
a. had similar views with regard to the cause of the Great Depression and what might be done to prevent it from happening again. b. both believed that perverse monetary policy was the primary cause of the ups and downs of the business cycle. c. both believed that budget deficits and surpluses could be used to smooth the ups and downs of the business cycle. d. had polar opposite views with regard to the underlying causes of economic booms and bust, but nonetheless their scholarly work commanded widespread respect among economists.