According to Keynes, the most important determinant of the level of investment was the ______________.
Fill in the blank(s) with the appropriate word(s).
marginal efficiency of investment (or the expected profit rate)
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When all workers who want jobs have them and the demand for and supply of labor are in equilibrium,
A) the unemployment rate will be zero. B) unemployment is at its natural rate. C) the economy will be experiencing high rates of inflation. D) frictional unemployment will be zero.
In the 1980s, the U.S. current account deficit was financed by:
a. large outflows of domestic capital to other countries. b. large inflows of capital from private foreign investment in the United States. c. loans made by U.S. residents to the government. d. large inflows of foreign government capital. e. the Tax Reform Act of 1986, which increased income taxes for the wealthy.
A binding price ceiling causes a shortage in the market
a. True b. False Indicate whether the statement is true or false
Economists maintain that the price of a product has no effect on demand. How can this be true?