During the Great Depression, this group of economists assured everyone that the setbacks in production and employment were temporary and would soon vanish:
A. Monetarist economists.
B. Supply-side economists.
C. Classical economists.
D. Keynesian economists.
Answer: C
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The long run is a planning period:
a. during which the firm can vary all inputs including its plant size. b. less than six months. c. less than one year. d. less than five years.
The area below the demand curve and above the supply curve measures the producer surplus in a market
a. True b. False Indicate whether the statement is true or false
Your classmates from the University of Chicago are planning to go to Miami for spring break, and you are undecided about whether you should go with them. The round-trip airfare is $600, but you have a frequent-flyer coupon worth $500 that you could use to pay part of the airfare. All other costs for the vacation are exactly $900. The most you would be willing to pay for the trip is $1,400. Your only alternative use for your frequent-flyer coupon is for your trip to Atlanta two weeks after the break to attend your sister's graduation, which your parents are forcing you to attend. The Chicago-Atlanta round-trip airfare is $450. If you do not use the frequent-flyer coupon to fly to Miami, should you go to Miami?
A. Yes, your benefit is equal to your cost. B. No, because there are no benefits in the trip. C. Yes, your benefit is more than your cost. D. No, your benefit is less than your cost.
Which of the following is an accurate difference between (A) high interest rates and (B) low interest rates?
a. (A) has lower use of short-term CDs; (B) has higher use of short-term CDs. b. (A) has a high demand for money; (B) has a low demand for money. c. (A) has an upward sloping demand curve for money; (B) has a downward sloping demand curve for money. d. (A) has high opportunity costs for holding money; (B) has low opportunity costs for holding money.