Economist Milton Friedman is most closely associated with:
A. Keynesian economics.
B. the rational expectations theory.
C. supply-side economics.
D. monetarism.
D. monetarism.
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A positive externality ________
A) gives rise to external benefits B) leads to increasing returns to scale C) imposes an additional cost on the society D) leads to higher economic profit
In the four-quadrant diagram of the specific factors model, the graph in the lower right quadrant is a country's
A) production function for cloth. B) production possibility frontier. C) labor allocation constraint. D) production function for food. E) labor supply curve.
For the equation Y = a + bX, the objective of regression analysis is to
A. fit a straight line through the data scatter in such a way that the sum of the squared errors is minimized. B. estimate the variables Y and X. C. estimate the parameters a and b. D. both a and c
In the classical theory of employment, a decline in the rate of interest will
A. decrease saving and investment. B. decrease saving and increase investment. C. increase saving and decrease investment. D. increase saving and investment.