According to your textbook, Keynesian economic theory
A) argues that federal budget deficits were necessary during periods of rapid economic growth.
B) questioned the use of the federal budget deficit as a policy tool to manipulate and fine-tune the economy.
C) helped break the mentality that federal budget deficits were improper.
D) did all of the above.
E) did none of the above.
C
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As we move downward along a demand curve for apples,
A) consumer well-being decreases. B) the marginal utility of apples decreases. C) the marginal utility of apples increases. D) Both A and B are true. E) Both A and C are true.
Classical economists believed that the economy automatically moves toward equilibrium at full employment
a. True b. False Indicate whether the statement is true or false
If an economy is producing at full employment, it means that:
a. there are idle resources in this economy. b. the production is not efficient. c. the economy is producing along its production possibilities curve. d. the economy is producing at a point that is to the left of the production possibilities curve. e. the economy is producing at a point that is to the right of the production possibilities curve.
Assume the total utilities corresponding to the first four units of a product consumed are 8, 12, 14, 15, respectively. The marginal utility of the third unit consumed is:
A. 2. B. 14. C. 4. D. 34.