Keynesians
A. believe capitalism is inherently stable.
B. contend that government intervention in the economy is undesirable.
C. advocated a laissez faire policy.
D. believe wages and prices are inflexible downward.
D. believe wages and prices are inflexible downward.
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For a perfectly competitive firm, curve A in the above figure is the firm's
A) total fixed cost curve. B) average fixed cost curve. C) average variable cost curve. D) total revenue curve.
After participating members of a cartel form an agreement on common prices and output quotas, then an individual firm can increase its own profits by
A) increasing production. B) increasing prices. C) leaving the cartel. D) incurring higher input costs.
Countries with low levels of GDP per capita usually also have:
A. mandatory military service. B. highly developed infrastructures. C. low levels of schooling. D. high levels of schooling.
Unemployment compensation is a ________ government transfer program.
A. state B. local C. federal D. municipal