"Every major contraction in the U.S. economy has either been created or greatly exacerbated by monetary instability. Every major inflation has been caused by monetary expansion." Which of the following economists made this statement?
a. Adam Smith
b. John Maynard Keynes
c. Milton Friedman
d. Paul Samuelson
C
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The demand for loanable funds curve is
A) downward sloping when plotted against the real interest rate. B) vertical at the full employment level of investment. C) constant at the maximum expected profit rate. D) upward sloping when plotted against the real interest rate.
The main source of conflict between employers and their organized workers is over the
(a) disparities in the wages and benefits between organized and unorganized labor. (b) disparities in the wages and benefits between employers and organized workers. (c) proceeds of selling goods and services made jointly between hired labor and business owners. (d) working conditions.
In a competitive industry in the long-run, it is likely that
A. all firms giving their best effort will have the same LAC regardless of location or the unique skills of some workers. B. only one large efficient firm can survive. C. firms with the advantage of location or an especially skilled work crew will be the lone survivors in equilibrium. D. the firms with the poorest location will be the lone survivors in equilibrium because their location cost will be lowest.
Points on the utility possibility frontier are
A. inefficient. B. points of incomplete preferences. C. not producible. D. Pareto.