The belief that government spending is necessary to offset sluggish private investment demand is associated with:
a. monetarism.
b. supply-side economics.
c. Keynesianism.
d. rational expectations theory.
c. Keynesianism.
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The above table shows the short-run production function for Albert's Pretzels. The marginal product of labor equals the average product of labor
A) for all levels of labor. B) at none of the levels of labor. C) only for the first worker. D) only for the fifth worker.
_____ represents the relation between total expenditures, or total spending, and the price level
a. Gross National Product b. Inflation c. Real Gross Domestic Product d. Aggregate supply e. Aggregate demand
A price floor set below the equilibrium price will cause which of the following?
A. an increase in demand B. a surplus C. a shortage D. None of these
?Demand determined? means that price is set by buyers' demand and a fixed supply.
Answer the following statement true (T) or false (F)