A major critic of Americans very high consumer spending has been
A. John Maynard Keynes.
B. Karl Marx.
C. Milton Friedman.
D. Murray Weidenbaum.
D. Murray Weidenbaum.
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Explain the economic concept of convergence
What will be an ideal response?
On any given day, a salesman can earn $0 with a 20% probability, $100 with a 40% probability, or $300 with a 20% probability. His expected earnings equal
A) $0. B) $100 because that is the most likely outcome. C) $100 because that is what he will earn on average. D) $200 because that is what he will earn on average.
If Congress votes to increase government purchases and at the same time decrease personal income taxes, they
a. have decided to balance the federal budget. b. have voted for the proper policy to counteract a recessionary gap. c. have voted for the proper policy to counteract an inflationary gap. d. are trying to achieve a federal budget surplus.
If total variable cost exceeds total revenue at all output levels, a perfectly competitive firm
A) should produce in the short run. B) is making short-run profits. C) should shut down in the short run. D) has covered its fixed cost.