John Maynard Keynes ________
A) questioned the classical view that economies move quickly to their long run equilibrium levels
B) advocated focusing on short run fluctuations
C) carved out macroeconomics as a distinct field in the 1930s
D) all of the above
E) none of the above
D
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What is the formula for the cross elasticity of demand? The percentage change in the
A) quantity demanded divided by the percentage change in the price of a substitute or complement. B) quantity supplied divided by the percentage change in price. C) quantity demanded divided by the percentage change in price. D) quantity demanded divided by the percentage change in income. E) equilibrium quantity demanded divided by the equilibrium quantity supplied.
If Canada has a comparative advantage relative to Mexico in the production of timber, then
A) the opportunity cost of production for timber is lower in Canada than in Mexico. B) the explicit cost of production for timber is lower in Canada than in Mexico. C) the implicit costs of production for timber are higher in Canada than in Mexico. D) the average cost of production for timber is lower in Canada than in Mexico.
Disintermediation is a problem associated with a banking crisis
Indicate whether the statement is true or false
Everything else held constant, when the federal funds rate is ________ the interest rate paid on reserves, the quantity of reserves demanded rises when the federal funds rate ________
A) above, rises B) above, falls C) below, rises D) below, falls