The terms "long-run view" and "classical view" can be used interchangeably
a. True
b. False
A
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All of the following are examples of constraints faced by decision makers, except one. Which is the exception?
a. income for a consumer b. natural resources for a firm c. time for a laborer d. consumer wants e. wealth for a consumer
A demand curve is graphed to show the relationship of the _______________ of a good on the vertical axis with the _____________ of the good on the horizontal axis.
a. price/quantity b. quantity/demand c. demand/utility d. utility/price
According to the Keynesian view, an unanticipated reduction in spending will
a. increase the demand for goods and services. b. raise business inventories and lead to a decline in output. c. lead to lower interest rates, which will stimulate aggregate demand and keep the economy at full employment. d. lead to a lower price level, which will quickly guide the economy to full-employment equilibrium.
In the CPI market basket, the category which has the largest weight is
A. transportation. B. medical care. C. food and beverages. D. housing.