John Maynard Keynes was the author of
a. An Economic History of the Great Depression.
b. The General Theory of Employment, Interest, and Money.
c. The Wealth of Nations.
d. The Principles of Political Economy and Taxation.
e. Macroeconomic Policy.
B
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In the short run, an increase in the price level causes:
A. a rightward shift in the aggregate demand curve. B. a leftward shift in the short-run aggregate supply curve. C. a rightward shift in the short-run aggregate supply curve. D. a movement upward along the short-run aggregate supply curve.
What is always true at the quantity where a firm's average total cost equals average revenue?
A) The firm's revenue is maximized. B) The firm's profit is maximized. C) The firm breaks even. D) Marginal cost equals marginal revenue.
In conducting statistical analysis to determine whether Head Start is effective, it is imperative that researchers compare Head Start graduates with
A. equally situated non-Head Start children. B. children who have stay-at-home parents. C. the general population. D. children who are in private child care arrangements.
If real GDP grows from $10 trillion in 2002 to $10.5 trillion in 2003, the growth rate for real GDP is
A) 5%. B) 10%. C) 50%. D) 0.5%.