The economically efficient method of production:
A. does not depend on input prices.
B. is influenced by the relative scarcity of inputs.
C. is the same in all countries.
D. is not influenced by the relative scarcity of inputs.
Answer: B
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The multiplier effect states that there are additional shifts in aggregate demand from fiscal policy, because it
a. reduces investment and thereby increases consumer spending. b. increases the money supply and thereby reduces interest rates. c. increases income and thereby increases consumer spending. d. decreases income and thereby increases consumer spending.
Conspicuous consumption refers to the consumption of goods and services:
A. not to show off to others but for one's direct pleasure. B. that generally provide more satisfaction to the consumer than any other kind of consumption. C. that do not provide any kind of satisfaction to the consumer. D. not for one's direct pleasure but simply to show off to others.
Recall the Application about the manufacture of fake killer whales used to scare sea lions off the Washington coast to answer the following question(s).Recall the Application. If a fake killer whale to be used to scare sea lions away from steelhead and other threatened and commercially valuable species cost $11,000 for the mold and $5,000 for materials for each fake killer whale made, then the variable cost of producing a fake killer whale is:
A. $5,000. B. $16,000. C. $11,000. D. $21,000.
In response to the early Keynesians, monetarists contended that
A) monetary policy during the Great Depression was not easy. B) bank failures during the Great Depression were not the cause of the decline in the money supply. C) evidence from the Great Depression demonstrated the ineffectiveness of monetary policy. D) there is a weak link between interest rates and investment spending.