Keynes and the classicals used _____ aggregate demand and supply apparatuses and came to _____ conclusions.
A. the same; the same
B. different; different
C. the same; different
D. different; the same
C. the same; different
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When a manufacturer produces 25 tables, the marginal and average costs are both equal to $50 per table. A 26th table raises the marginal cost to $54 per table and the average cost to $52 per table. What is the firm's elasticity of supply when 25 table are produced?
a. 1/4. b. 1/2. c. 1. d. 2.
The country with the highest degree of central bank independence in the period 1973-88 was ________
A) the United States B) New Zealand C) Spain D) Germany
The cross-price elasticity of demand for peanut butter with respect to the price of jelly is -0.3. If we expect the price of jelly to decline by 15%, what is the expected change in the quantity demanded for peanut butter?
A) +15% B) +45% C) +4.5% D) -4.5%
According to the income effect, an increase in the price of oranges will: a. cause consumers to consume more apples because of greater savings on that good
b. cause consumers to spend more on oranges because a higher price signals that oranges are better than apples. c. cause consumers to replace some oranges with other fruit that is now relatively cheaper than oranges. d. leave consumers with less real income to spend on all goods.