John Maynard Keynes was a very famous economist from
A) the United States.
B) England.
C) Germany.
D) Ireland.
B
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Even though a high portion of the public debt is held by older and wealthy individuals or institutions, the debt is paid for by increased taxes on
A) only those holding the actual debt. B) purchasers of gasoline and luxury items. C) all taxpayers. D) those who invest in the stock market.
Price ceilings can result in a net loss in consumer surplus when the ________ curve is ________
A) demand; very elastic B) demand; very inelastic C) supply; very inelastic D) none of the above; price ceilings always increase consumer surplus
Since it spent over $3.6 trillion in 2010, opportunity cost was not an issue for the U.S. government
a. True b. False Indicate whether the statement is true or false
According to Adam Smith, individual self-interest
a. is a powerful force for economic progress when it is directed by competitive markets. b. is a powerful force for economic progress when individuals are wisely directed by a strong central government. c. is a major factor in retarding the economic progress of humankind. d. could be either a positive or negative force for economic progress, depending on the moral influences of political leaders.