Keynes believed that changes in autonomous spending were dominated by unstable fluctuations in ________, which are influenced by emotional waves of optimism and pessimism—factors he referred to as "animal spirits."
A) unplanned investment spending
B) actual investment spending
C) planned investment spending
D) autonomous consumer expenditures
C
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Hector's wealth is zero, he expects to work for another 45 years at a constant salary of $80,000 and live for another 60 years. Assuming taxes are zero, if Hector completely smooths consumption over his lifetime, his annual consumption is
A) $60,000. B) $62,222. C) $80,000. D) $106,667.
Consider the following data: Price of A Quantity Demanded of A $5 6 $4 10 The absolute value of the price elasticity of demand for product A is
A) 0.44. B) 1.80. C) 0.56. D) 2.25.
The term institutions is commonly used to refer to:
A. government bodies. B. development agencies. C. international groups. D. All of these statements are true.
The recession of 1937-38 could be blamed on
A. the Roosevelt Administration's deficit spending. B. the Roosevelt Administration's attempt to balance the budget. C. the Federal Reserve's driving down interest rates. D. a large tax cut.