Which of the following is not something that John Maynard Keynes used to describe an economist?
a. He must be a mathematician, historian, statesman, and philosopher in some degree.
b. He must understand symbols and speak in words
c. He must only contemplate in abstract and general terms.
d. He must study the present in light of the past for purposes of the future.
c
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A perfectly competitive wheat farmer in a constant-cost industry produces 1,000 bushels of wheat at a total cost of $50,000. The prevailing market price is $48. What will happen to the market price of wheat in the long run?
A) The price remains constant at $48. B) The price rises above $48. C) The price falls below $48. D) There is insufficient information to answer the question.
The Fed can reduce the federal funds rate by
a. decreasing the money supply. To decrease the money supply it could sell bonds. b. decreasing the money supply. To decrease the money supply it could buy bonds. c. increasing the money supply. To increase the money supply it could sell bonds. d. increasing the money supply. To increase the money supply it could buy bonds.
If product price increases, then:
A. MP will increase. B. MFC will increase. C. MRP will increase. D. MP will decrease.
Fiscal imbalance is the _________ value of the government's commitments to pay benefits minus the _________ value of its tax revenues.
Fill in the blank(s) with the appropriate word(s).