The idea that the demand for money is a function of both income and wealth is part of whose theory?
A) Baumol and Friedman
B) the quantity theorists
C) Keynes
D) Tobin
D
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If government spending is held constant and Ricardian equivalence holds,
A) an increase in the government budget deficit is always matched by a reduction in private savings. B) an increase in government savings is always matched by an increase in the government budget deficit. C) an increase in government savings is always matched by an equal increase in private savings. D) an increase in government savings is always matched by an equal reduction in private savings.
In U-Shaped Average Total Cost Curve, why does AFC continue to fall even while ATC rises at very high output?
What will be an ideal response?
Explain why some firms may suffer diseconomies of scale.
What will be an ideal response?
Answer the following questions true (T) or false (F)
1. The production possibilities frontier represents the technically efficient combination of two products a business can produce in the current period given its existing resources and technology. 2. The price of the product and marginal revenue are identical under conditions of perfect competition. 3. The marginal rate of product transformation represents the slope of the production possibilities frontier.