The state of the economy during the 1970s and 1980s reinforced the ideas of Keynesian economic policies and their ability to successfully manage the macroeconomy.
Answer the following statement true (T) or false (F)
False
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Consider the demand curves for soft drinks shown in the figure above. Suppose the economy is at point a. Which of the following could result in a movement to point c?
A) a decrease in income B) an increase in the relative price of a soft drink C) a decrease in the relative price of a soft drink D) a decrease in the price of bottled water
According to the process of creative destruction, at first the entrepreneur will be able to sell the product for
A. a low price because it is not well known. B. a high price because there is no competition. C. a fair price because these are contestable markets. D. at a price of zero until the market is created.
Firms should use a resource up to a point where MRP = P
a. True b. False Indicate whether the statement is true or false
John Maynard Keynes argued that
A. Macro failure is likely to occur but will go away quickly. B. Macro failure is likely to occur, and it isn't likely to go away quickly. C. Macro failure is unlikely to occur. D. None of the choices are correct.