Which of the following shows a contrast between Economist A, who is concerned with individual liberty, and Economist B, who is concerned with an unfair distribution of power?
a. Economist A wants more government programs; Economist B wants to hire fewer government employees.
b. Economist A wants more government programs; Economist B want less government involvement.
c. Economist A wants to hire more government employees; Economist B want to lower taxes.
d. Economist A wants less government involvement; Economist B wants more government programs.
d. Economist A wants less government involvement; Economist B wants more government programs.
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Refer to the above figure. Which variable is autonomous with respect to real GDP?
A) real consumption spending B) the sum of real consumption and real saving C) real saving D) real investment spending
When total revenue is less than variable costs, a firm in a competitive market will
a. continue to operate as long as average revenue exceeds marginal cost. b. continue to operate as long as average revenue exceeds average fixed cost. c. shut down. d. raise its price.
The economist who provided the enlightening insight about benefits from trade based on comparative advantage was:
A. Adam Smith B. Milton Friedman C. John Maynard Keynes D. David Ricardo
According to economists Robert Lucas and Thomas Sargent, when are the gains to accurately forecasting inflation highest?
A) when inflation is high and stable B) when inflation is moderate but stable C) when inflation is high and unstable D) when inflation is low