Which of the following is accurate about John Maynard Keynes?
a. He was one of the most influential economists in early U.S. history.
b. He believed economics is a subject but not a way of thinking.
c. He believed economics is not just a subject area but also a way of thinking.
d. He believed that economics is not a subject but is a way of thinking.
c. He believed economics is not just a subject area but also a way of thinking.
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If a 1 percent increase in price leads to a .7 percent increase in quantity supplied, the short-run supply curve is:
a. elastic. b. inelastic. c. unit elastic. d. perfectly inelastic.
It is important for a business owner to understand the market structure in which they operate because:
A. it can help in deciding whether to advertise. B. it will tell how much attention to pay to competitors' behavior. C. it defines how much freedom they have to set prices. D. All of these statements are true.
At equilibrium GDP, aggregate demand _______ aggregate supply and savings _______ investment.
A. is equal to; is equal to B. is not equal to; is not equal to C. is equal to; is not equal to D. is not equal to; is equal to
The joining of firms that are producing or selling a similar product is
A) a conglomerate merger. B) a horizontal merger. C) a vertical merger. D) a cross or diagonal merger.