According to Keynes, the level of consumer expenditures was a stable function of
a. national income.
b. gross income.
c. disposable income.
d. net income.
e. None of the above
C
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When the government imposes a price ceiling on a good whose price is too high,
a. surpluses are created. b. supply will increase to meet the demand. c. rationing is not necessary. d. quantity demanded of the good will fall. e. chronic excess demand occurs.
An example of a public policy response to a monopoly is:
A. doing nothing. B. public ownership. C. antitrust laws. D. All of these are examples.
A law that requires the money supply to grow by a fixed percentage each year would eliminate
a. the time inconsistency problem, but not political business cycles.
b. the political business cycle, but not the time inconsistency problem.
c. both the time inconsistency problem and political business cycles.
d. neither the time inconsistency problem nor political business cycles.
What is the slope of the line in the graph?
A) +1/2 B) -1/2 C) +2 D) -2 E) -3/4