Which of the following macroeconomic schools of thought has dominated the economics profession from the 1940s through the 1960s?
a. New classical economics
b. Classical economics
c. Keynesian economics
d. Rational economics
e. Positive economics
c
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The labels for the axes of the aggregate demand graph should be ________.
A. quantity of a product on the vertical axis and the price of a product on the horizontal axis B. real domestic output on the vertical axis and the price level on the horizontal axis C. real domestic output on the horizontal axis and the price level on the vertical axis D. price of a product on the vertical axis and quantity of a product on the horizontal axis
The evidence from banking crises in other countries indicates that
A) deposit insurance is to blame in each country. B) a government safety net for depositors need not increase moral hazard. C) regulatory forbearance never leads to problems. D) deregulation combined with poor regulatory supervision raises moral hazard incentives.
What might happen to a county's economy and standard of living without property rights?
A. Increase because people will be producing more goods and services B. Stay the same C. Increase because there are more inventive to produce goods and services D. Decrease because there are fewer incentives to produce goods and services
Suppose that in 2011, 4 million plasma TVs were purchased at $950 each, while in 2012, 3 million plasma TVs were purchased at $800 each. What might have caused this change?
A. The price of LCD TVs (a substitute for plasma TVs) fell. B. The price of LCD TVs (a substitute for plasma TVs) rose. C. Plasma TV manufacturing technology increased. D. Plasma TV manufacturing technology decreased.