Which school of economic thought is most closely associated with calls for monetary rules to guide monetary policy decisions?
a) The Monetarist school
b) The Classical school
c) The Keynesian school
d) The Austrian school
Ans: a) The Monetarist school
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People must make choices because
A) most people enjoy shopping. B) of scarcity. C) there are many goods available. D) the question "What goods and services are produced?" is not adequately answered. E) making choices is in the social interest.
Cruise liners offer last minute deals because
a. The marginal cost is higher than the marginal revenue since fixed costs are sunk b. The marginal costs of an additional passenger are very low at that point and companies gain by lowering prices c. The average cost of an additional passenger is very low at that point and companies gain by lowering prices d. All of the above
A key indicator of the hardship experienced during the Great Depression is the:
A. large budget deficits. B. high rate of inflation. C. high rate of unemployment. D. large trade deficits.
A profit-maximizing firm will continue to expand output:
A. as long as the revenues from the production and sale of an additional unit exceeds the average cost of the unit. B. until the average cost of producing the good or service is at a minimum. C. as long as the revenues from the production and sale of an additional unit exceeds the marginal cost of the unit. D. until the marginal cost of producing a good or service is at a minimum.