A Keynesian economist would propose strong actions to prevent or reduce inflation
a. True
b. False
Indicate whether the statement is true or false
False
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According to the circular flow of income and output, which of the following is not true?
A. Total income and total output must be equal. B. Goods and services flow in one direction and money payments flow in the other direction. C. In every economic? transaction, the seller receives exactly the same amount that the buyer spends. D. ?Goods, services and money all flow in one direction since money pays for the goods and services.
The fact that price and quantity demanded are related negatively illustrates the:
a. law of supply. b. law of quantity supply. c. law of demand. d. law of quantity demanded. e. point that some facts are unobservable.
The discovery of a large amount of previously-undiscovered oil in the U.S. would shift
a. the long-run aggregate-supply curve to the right. b. the long-run aggregate-supply curve to the left. c. the aggregate-demand curve to the left. d. None of the above is correct.
In Eugene, Oregon, there are several Italian restaurants, each offering slightly different items prepared in slightly different ways. It is likely that an Italian restaurant in Eugene, Oregon, operates in a(n):
A. perfectly competitive market. B. monopolistically competitive market. C. monopoly market. D. oligopoly market.