Which of the following observations concerning the Keynesian model is not true?
a. It is helpful in explaining the events that unfolded in the 1930s
b. It is less useful in explaining today's economy.
c. It explains the stagflation of the 1970s.
d. It does not incorporate possible shifts in the aggregate supply curve.
c
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Which of the points show efficient production points?
A) all points above the TP curve B) all points on the TP curve C) all the darkened points below the TP curve D) all the points above and on the TP curve E) all the darkened points below and on the TP curve
A peak is the
A) lower turning point of a business cycle when an expansion ends. B) lower turning point of a business cycle when a recession ends. C) upper turning point of a business cycle when an expansion ends. D) upper turning point of a business cycle when a recession ends.
When the demand for a good is inelastic and its price increases, the total revenue from the sale of the good will ________
A) increase B) decrease initially and then increase C) decrease D) not change
Cindy's Sweaters' production function is shown in the above table. What is the marginal product of labor when the 4th worker is hired?
A) 4 sweaters per day B) 2 sweaters per day C) 20 sweaters per day D) 5 sweaters per day