In terms of opportunity cost, ________ is the ultimate constraint
a. information
b. education
c. creativity
d. time
d
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Describe the mechanism which would take place if the Bank of England decides to increase its money supply by purchasing domestic assets under the gold standard
What will be an ideal response?
In the short run, the profit maximizing (or minimizing) quantity of output for any firm to produce exists at that output level at which marginal revenue equals marginal cost
a. True b. False Indicate whether the statement is true or false
Increases in government purchases, investment spending, and autonomous consumption all tend to
a. increase real GDP and raise the interest rate b. increase real GDP and lower the interest rate c. increase real GDP but leave the interest rate unchanged d. decrease real GDP and lower the interest rate e. decrease real GDP and raise the interest rate
Discuss how the Great Depression contributed to the development of Keynesian economics