Writing during the Great Depression, Keynes naturally focused on problems of
a. hyperinflation.
b. budget deficits.
c. trade deficits.
d. unemployment.
d
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When property rights are assigned and transactions costs are low
A) all costs and benefits are taken into account by the transacting parties so the transaction is efficient. B) externalities will lead to market failure. C) the marginal social benefit curve shifts leftward. D) the marginal social cost curve shifts rightward.
Not counting _____ as unemployed understates unemployment
a. children b. retired persons c. students d. people who do not want to work e. discouraged workers
The balance of payments is an accounting statement that shows, between one nation and the rest of the world, the
a. total values of goods, services, and payments flows. b. value of payments flows only. c. value of goods and services flows only. d. value of international investments flows only.
Vertical merger occurs when
A. the merger moves the combined firm onto the horizontal portion of its long-run average cost curve. B. two firms producing a similar product merge. C. two firms merge where each is about the same size. D. two firms merge where one had sold its output to the other as an input.