According to Keynesians, an increase in saving will not cause national income to fall
a. as long as autonomous consumption is greater than zero
b. if the price level remains unchanged
c. if it results from a decrease in aggregate expenditure
d. if it is accompanied by a decrease in aggregate expenditure
e. if it results from an increase in aggregate expenditure
E
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If the United States government lowers the income taxes on the wealthiest Americans, while decreasing welfare payments to the poorest Americans, the result will likely be an _____ in efficiency and a ________ in equality in the United States.
Fill in the blank(s) with the appropriate word(s).
Which of the following is a similarity between a monopoly and an oligopoly with differentiated products?
A) There are no barriers to entry in both markets. B) The long-run equilibrium price in both markets exceeds marginal cost. C) There is a single seller in both markets. D) Firms in both the markets earn zero profit in the long run.
Which of the following is not an option for a perfectly competitive firm that suffers short-run losses?
A) reducing the use of variable factors B) shutting down C) raising price D) reducing production
Focusing on one activity that we do well and relying on others to produce most of the goods and services we want is an application of the concept of ______.
a. externality b. specialization c. unemployment d. productivity