Which of the following decades is known as the "Golden Age of Keynesian Economics"?
a. The 1930s
b. The 1950s
c. The 1960s
d. The 1970s
e. The 1980s
c
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The figure above shows the production possibilities frontier for a country. In order for it to move from producing at point A to producing at point B, the country would need to incur an opportunity cost of
A) 4 million SUVs. B) 3 million SUVs. C) 1 million SUVs. D) 3 million compact cars. E) 0 because the gain in compact cars exceeds the loss in SUVs.
If the firm in the figure above is unregulated, it will produce
A) 5 units. B) 20 units. C) 30 units. D) 40 units.
How does the market mechanism answer the WHAT, HOW, and FOR WHOM questions?
What will be an ideal response?
The income elasticity of demand for low-quality beef is -2. Thus, a 5% increase in the quantity of low-quality beef demanded
A. is the result of a decrease in income of 2.5%. B. is the result of an increase in income of 2.5%. C. is the result of a decrease in income of 10%. D. is unrelated to any change in income.