The primary factor that caused some economists to lose their faith in the Keynesian approach to macroeconomic policy was
A) the high levels of unemployment that occurred during the Great Depression.
B) the presence of both high unemployment and high inflation during the 1970s.
C) theoretical proof that Keynes's ideas were invalid.
D) evidence that Keynes's ideas were useful during economic recessions, but not during economic booms.
B
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What does it mean to say that a firm has been made liable?
a. The firm is legally responsible to compensate other parties for damage. b. The firm has begun to treat any external costs as private costs. c. The firm has received the property rights to a disputed resource. d. The firm is required to pay a Pigou tax to the government.
Because special interest groups tend to favor transfer policies rather than economic growth policies, many economists believe that these special interest groups help to improve economic efficiency.
Answer the following statement true (T) or false (F)
Voucher programs for housing
A. provide rent vouchers for existing housing stock. B. are underutilized with a surplus of housing stock. C. provide down payment assistance to purchase homes. D. are known as Section 8.
The additional output produced by adding one more unit of an input is the:
A. marginal product. B. average product. C. total production. D. slope of the marginal product curve.