A President who favors the use of government spending and taxes as tools to offset instability in the economy is likely to have advisers who are oriented toward
A) Keynesian economics.
B) Monetarist economics.
C) rational expectations.
D) the policies advocated by Milton Friedman.
A
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Deadweight loss
A. can result from underproduction, but not from overproduction. B. can result from overproduction, but not from underproduction. C. is measured as the combined loss of consumer surplus and producer surplus. D. results from producing a unit of output for which the maximum willingness to pay exceeds the minimum acceptable price.
A switch from a? pollution-tax policy to a? uniform-reduction policy will shift the supply curve of the polluting product upward and increase the equilibrium price.
A switch from a? pollution-tax policy to a? uniform-reduction policy will shift the supply curve of the polluting product
and
the equilibrium price.
Refer to the accompanying figure. As the production of pizza increases, the opportunity cost of producing pizza:
A. decreases. B. increases. C. becomes negative. D. doesn't change.
Which of the following is true of a competitive market? a. The rules of supply and demand do not apply to it
b. Buyers and sellers have little market power. c. Each buyer's or seller's effect on market price is substantial. d. Few sellers offer similar products.