Keynes was especially concerned with explaining the ________ level of output and employment during the ________
A) low; 1920s
B) low; 1930s
C) high; 1920s
D) high; 1930s
B
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With unstable money demand and thus an unstable ________ curve, fluctuations in output are ________ by the fortuitous selection of ________ targeting
A) LM, minimized, money supply B) LM, eliminated, interest rate C) LM, minimized, interest rate D) IS, minimized, money supply E) IS, eliminated, interest rate
If the market price for a competitive firm's output doubles then
A) the profit maximizing output will double B) the marginal revenue doubles C) at the new profit maximizing output, price has increased more than marginal cost D) at the new profit maximizing output, price has risen more than marginal revenue E) competitive firms will earn an economic profit in the long-run.
The government sets up a lighthouse to prevent ships from crashing into rocks near the shore. The lighthouse is an example of a _____
a. merit good b. club good c. public good d. private good
What is consumer optimum according to utility theory?
What will be an ideal response?