Laissez-faire economics was advocated by
A. both Keynes and the classicals.
B. neither Keynes nor the classicals.
C. the classicals, but not by Keynes.
D. keynes, but not by the classicals.
C. the classicals, but not by Keynes.
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If you overhear a group of people talking about their plans to save for their retirement and one of them says that it causes them to save less because, as they reason it, "the government is saving for me," you would attribute this to the
A. asset substitution effect. B. induced retirement effect. C. slovenly effect. D. bequest effect.
When there is a recessionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; decline B. increase; raise; decline C. decline; lower; expand D. decline; raise; decline
Normative statements i. describe how the world is. ii. describe how the world ought to be. iii. depend on people's values and cannot be tested
A) i only B) ii only C) iii only D) ii and iii E) i and iii
Sellers who lower their prices and consequently sell a larger quantity earn more
A) gross (or total) revenue as a result. B) gross revenue only if the demand is elastic. C) net and gross revenue if the demand is inelastic. D) net revenue (revenue minus cost) as a result.