The Great Depression of the 1930s led to a revolution in macroeconomic thinking, following the work of
a. Arthur Laffer.
b. Milton Friedman.
c. Adam Smith.
d. John Maynard Keynes.
e. David Ricardo.
d
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Empirical evidence suggests that usury laws
A) help poor consumers by lowering the interest rate they pay. B) hurt poor consumers by limiting their ability to borrow. C) keep interest rates low. D) limit the amount borrowed by wealthier consumers.
Suppose the government pursues expansionary fiscal policy by lowering taxes. What are the expected demand-side effects? What are the possible offsets to the demand-side effect? How might supply-side effects change these results?
What will be an ideal response?
If an economy produces 1,000 units of output with a price level of $1 and the money supply (M) is $500, velocity is:
A. 2. B. 500. C. 50. D. 5.
Suppose there are 5 makers of tablet computers with market shares of 80%, 5%, 5%, 5%, and 5% respectively. The HHI is
A. 10,000. B. 0. C. 20. D. 6,500.