The economist in the 1930s who is credited with key insights into causes of economic downturns was:
A. John Maynard Keynes
B. Ben Bernanke
C. Adam Smith
D. David Ricardo
A. John Maynard Keynes
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Using the supply and demand curve for wheat above, sketch the supply and demand curves demonstrating the effect of an increase in disposable consumer incomes
How does each curve shift (if at all) to the increase in income? What does the shift do to equilibrium price and quantity?
The richest 10 percent of U.S. houses hold more than two-thirds of all wealth. The problem with this statement is that
A) it does not consider an individual's current income. B) it does not consider private and public pension plans. C) it is based entirely on nonhuman wealth. D) it is based entirely on human wealth.
Since 1970, the composition of federal expenditures has:
a. been virtually unchanged, but federal spending as a share of GDP has declined substantially. b. been virtually unchanged, but federal spending as a share of GDP has increased sharply. c. shifted away from national defense and toward spending on income security. d. shifted away from income security income transfers and toward spending on national defense.
Because taxes distort incentives, they cause markets to allocate resources inefficiently
a. True b. False Indicate whether the statement is true or false