The origins of modern monetarism lie in the work of the
A) Classical economists.
B) Keynesians.
C) Malthusians.
D) Mercantilists.
A
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Dawn's bridal boutique is having a sale on evening dresses. The increase in consumer surplus comes from the benefit of the lower prices to
a. only existing customers who now get lower prices on the gowns they were already planning to purchase. b. only new customers who enter the market because of the lower prices. c. both existing customers who now get lower prices on the gowns they were already planning to purchase and new customers who enter the market because of the lower prices. d. Consumer surplus does not increase; it decreases.
George produces cupcakes. His production cost is $10 per dozen. He sells the cupcakes for $16 per dozen. His producer surplus per dozen cupcakes is
a. $6. b. $10. c. $16. d. $26.
You observe a closed economy that has a government deficit and positive investment. Which of the following is correct?
a. Private and public saving are both positive. b. Private saving is positive; public saving is negative. c. Private saving is negative; public saving is positive. d. Both private saving and public saving are negative.
Ignoring the government and foreign sectors, there is an unplanned decrease in inventories of $80 billion at the current level of real Gross Domestic Product (GDP) of $15 trillion. From this information, we know that
A. consumption expenditures equal $15 trillion less saving less $80 billion. B. saving equals $80 billion. C. planned investment is $80 billion more than planned saving. D. planned investment is $80 billion less than planned saving.