Most Keynesian macroeconomists today ________ the natural rate hypothesis, which has helped lead to the ________ of Keynesian macroeconomics in the 1990s
A) reject, near-total extinction
B) reject, revival
C) accept, near-total extinction
D) accept, revival
D
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In the economic way of thinking, a tropical rainforest is a scarce good. Thus,
A) there is no substitute for a tropical rain forest. B) there is a substitute for a tropical rain forest. C) tropical rains forests should be preserved at any cost. D) tropical rain forests can be preserved at no cost. E) economists don't like tropical rainforests.
Comparing the cases of Brazil and Kerala, how would you characterize their different approaches to achieving economic development?
What will be an ideal response?
Suppose a government sets theprice for a natural monopoly at the competitive level such that P = MC. To keep the seller from taking a loss under this policy, the government could provide a lump-sum payment to the firm
How could we determine this payment? A) Multiply the competitive quantity by the competitive marginal cost B) Multiply the competitive quantity by the regulated price C) Multiply the competitive quantity by the difference between MC and AC D) Multiply the difference in the competitive and monopoly quantities by AC
Which of the following is NOT considered to be a factor in the determination of a person's marginal productivity?
A) innate abilities such as high intelligence B) investment in human capital such as education C) on-the-job training D) the elasticity of supply of labor