According to _______________, if you suddenly won the lottery, you would only spend a small part of your winnings right away.
A. John Kenneth Galbraith
B. Thorstein Veblen
C. Milton Friedman
D. Murray Weidenbaum
C. Milton Friedman
You might also like to view...
Market economies produce outcomes that
a. are virtually ideal in all respects. b. are inferior to most other systems. c. are, in some respects, far from ideal. d. are virtually indistinguishable from command economies.
If the aggregate supply curve is flat,
a. expansionary fiscal or monetary policy will cause a good deal of inflation with little increase in real output. b. expansionary fiscal or monetary policy will buy large gains in real output at low cost in terms of inflation. c. a contractionary stabilization policy is an effective way to reduce inflation. d. decreasing the income tax will not shift aggregate demand.
According to the modern view, the impact of expansionary monetary policy will
a. be the same in the long run as in the short run. b. be the same regardless of whether the effects of the policy are anticipated or unanticipated. c. initially be an increase in real output if the policy is unanticipated, but in the long run, the primary result will be a higher price level (inflation). d. initially be an increase in prices if the policy is unanticipated, but in the long run, the primary result will be larger real output.
Refer to the cost table below. If a competitive firm faced with these costs finds that it can sell its product at $60 per unit, it will:
A. Produce 5 units and incur a loss of $50
B. Produce 6 units and incur a loss of $30
C. Produce 7 units and realize a profit of $32
D. Close down in the short run