"The prisoners' dilemma" is a concept that helps us understand why
What will be an ideal response?
social behavior sometimes fails to produce results that everyone in the society genuinely desires.
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Traditional Keynesians argued that when wages are rigid, changes in output result in:
a. small changes in goods market prices and a flat aggregate supply curve. b. large changes in goods market prices and a flat aggregate supply curve. c. large changes in goods market prices and a steep aggregate supply curve. d. small changes in goods market prices and a steep aggregate demand curve. e. small changes in goods market prices and a horizontal aggregate demand curve.
(Appendix) In the production function Q = 10L1/2K1/2 calculate the marginal product equations of both inputs.
What will be an ideal response?
Keynes argued thatI.Capitalism did not always lead to full employment.II.Nominal prices were more important than relative prices.
A. I only B. II only C. Both I and II D. Neither I nor II
In a tax incentive program, the person who conserves the most pays:
A. relatively more tax. B. relatively less tax. C. no tax. D. no penalties.