Keynesian economics refers to the perspective that the business cycle represents
A) equilibrium.
B) disequilibrium.
C) long-run macroeconomic fluctuations.
D) short-run macroeconomic stability.
B
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Kate receives two free passes to the waterpark for her birthday. She's not a huge fan of waterparks, and, therefore, would not buy such tickets for their face value of $90. Kate decides to use the tickets. This type of behavior is explained with the concept of:
A. the implicit cost of ownership. B. the fungibility of money. C. ignoring sunk costs. D. None of these.
The use of government taxation and expenditures to achieve macroeconomic goals is called
a. cyclical policy. b. monetary policy. c. fiscal policy. d. industrial policy.
A microeconomist would study
a. a general decline in prices b. a rise in tea prices. c. the ups and downs of business cycles d. the impact of national tax policies
Draw a graph of the firm's demand, marginal revenue, marginal cost, and average total cost curves.
