Activists believe that
a. discretionary changes in macroeconomic policy can help smooth the ups and downs of the business cycle.
b. balancing the federal budget is of primary importance to economic stability.
c. the economy's self-correcting mechanism, if not stifled by perverse policies, will prevent prolonged periods of high unemployment.
d. the M1 money supply should be increased at a steady annual rate.
A
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A positive externality clearly occurs when
A) a person behaves in the public interest. B) a person's action unintentionally benefits other people. C) a person behaves only with courtesy and social grace. D) a person couldn't care less about anybody else.
Cindy's Sweaters' production function is shown in the above table. Cindy rents two knitting machines for $30 a day each and hires workers at a wage rate of $40 a day
If Cindy produces 20 sweaters per day, what is her average fixed cost of production? A) $3.00 B) $3.33 C) $8.00 D) $11.00
Which of the following is a range on the eclectic or general view of the aggregate supply curve?
a. Keynesian range. b. Intermediate range. c. Classical range. d. All of these.
The purpose of establishing the Federal Reserve System was
A. to regulate commercial banking. B. to provide for a more elastic currency. C. to increase the confidence in the nation's banks. D. All of the choices are correct.