Classical economists defended the economic concept of
A. market clearing.
B. government intervention in the marketplace.
C. prolonged recession and high rates of unemployment.
D. Keynesian economists.
Answer: A
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The use of "most-favored-customer" clauses is an example of
A) incenting members to maintain the cartel, because if they lower the price for one customer, they have to lower it for previous customers as well. B) incenting members to maintain the cartel, because if they raise the price for one customer, they have to raise it for previous customers as well. C) giving customers special perks for purchasing goods from members of the cartel. D) selling higher quality goods and services to favorite customers.
Suppose that during the Great Depression long-run aggregate supply shifted left. To be consistent with what happened to the price level and output, what would have had to happen to aggregate demand?
a. It would have to have shifted left by less than aggregate supply. b. It would have to have shifted left by more than aggregate supply. c. It would have to have shifted right by less than aggregate supply. d. It would have to have shifted right by more than aggregate supply.
In the formula to calculate the real deficit, which of the following decreases the real deficit?
A. A lower inflation rate B. A larger nominal deficit C. A higher interest rate D. A larger debt
Given the information in the table below, find the marginal utility and the total utility.
