In 1936, John Maynard Keynes published a book, The General Theory, which attempted to explain
a. stagflation.
b. the classical dichotomy.
c. short-run economic fluctuations.
d. how changes in the money supply had created the Great Depression.
c
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A dominant strategy is
A) a strategy chosen by two firms that decide to charge the same price or otherwise not to compete. B) a strategy that is the best for a firm no matter what strategies other firms use. C) a strategy that is obviously the best for each firm that is a party to a business decision. D) an equilibrium where each firm chooses the best strategy, given the strategies of other firms.
Islamic economics promotes the organization of production through large partnerships
a. True b. False
Holding other factors constant, if the income tax is replaced with a consumption tax so that saving is not taxed, then the real interest rate will ________ and the equilibrium quantity of saving and investment will ________.
A. decrease; increase B. increase; not change C. increase; increase D. increase; decrease
The marginal revenue product of a resource is:
A. the marginal product of the resource divided by the price of the product it helps to produce. B. the price of the product times the price of the resource. C. larger when the product price is larger. D. larger when the marginal product is smaller.