The consensus view
A. Incorporates only the monetarist perspective.
B. Incorporates only the Keynesian perspective.
C. Incorporates both the Keynesian and monetarist perspective.
D. Ignores both the Keynesian and monetarist perspective.
Answer: C
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When increased government spending results in decreased consumer or business spending, the government spending is said to be crowding out the consumer and business spending
Indicate whether the statement is true or false
The Arrow impossibility theorem
A) explains why it is impossible, in most cases, to eliminate special-interest legislation after it has become law. B) explains why people can be rational as well as ignorant at the same time. C) explains why candidates for public office must represent the preferences of the political middle. D) explains why voting systems do not consistently represent the preferences of voters.
The equilibrium price and quantity are determined according to the intersection of ______.
a. the average total cost curve and the horizontal sum of the short-run marginal cost
curves for the oligopolists
b. the marginal revenue curve and the average total cost curve
c. the marginal revenue curve and the horizontal sum of the short-run marginal cost
curves for the oligopolists
d. the average total cost curve and the demand curve
Which of the following is NOT considered to be an economic resource?
A. an engineer B. a local gas station C. a company truck D. a view of the moon on a clear night