By the 1950s, the views of the Classical economists among American economists:
A. had been largely eclipsed by Keynesian views.
B. had largely replaced Keynesian views.
C. were just starting to be developed in response to the Great Depression.
D. were about as widely held as Keynesian views.
Answer: A
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According to the law of diminishing returns,
a. Some productions factors are fixed b. All inputs are variable c. All inputs are fixed d. None of the above
When monopolistically competitive firms advertise, in the long run
a. they will still earn zero economic profit. b. they can earn positive economic profit by increasing market share. c. the market price must fall. d. the market price must rise.
Briefly explain how American railroads lost their transportation monopoly.
What will be an ideal response?
As a consumer consumes more and more of a product in a particular time period, eventually marginal utility
A) rises. B) is constant. C) declines. D) fluctuates.