The Keynesian approach to government economic policy:
a. has emphasized the role of individual self-interest as a powerful stabilizing force.
b. has consistently failed to reduce fluctuations in economic activity
c. was ineffective during the 1960s.
d. highlighted the role of aggregate demand.
e. was rechristened supply-side economics around 1980.
d
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Each potential short-run average total cost curve is tangent to the long-run average cost curve at:
a. the level of output that minimizes short-run average total cost. b. the minimum point of the average total cost curve. c. the minimum point of the long-run average cost curve. d. a single point on the short-run average total cost curve.
A non-discriminating monopolist's price equals its marginal revenue only when
A. marginal revenue is zero. B. output is zero. C. total revenue is a maximum. D. the monopolist's demand schedule intersects the horizontal (quantity) axis.
Which of the following futures contracts would not have an interest rate component?
A) Treasury bonds B) Treasury notes C) Municipal Bond Index D) Standard and Poor's 500 Stock Index
If a firm does NOT know its rival's profit function, then we consider that information to be
A) irrelevant in deciding its best strategy. B) private. C) common knowledge. D) Pareto sub-optimal.