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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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.
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