_______ economics is most closely associated with fighting recessions and depressions.
A. Classical
B. Supply-side
C. Keynesian
D. Monetarist
C. Keynesian
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A liquidity trap occurs when the
a. LM curve is steep. b. LM curve is vertical. c. LM curve is relatively flat. d. IS curve is flat.
Private saving increases to some extent when governments run large budget deficits, and private saving falls when governments reduce deficits or run large budget surpluses.
Select whether the statement is true or false. A. True B. False
Merit goods
a. are goods that everyone wants b. can be produced and sold on the private market c. are only sold on private markets d. are only produced by the government e. are distinguished from other goods by having more merit
In the long-run equilibrium for a monopolistically competitive firm, price:
A. exceeds marginal cost. B. is equal to marginal revenue. C. is equal to marginal cost. D. exceeds average total cost.