According to economist John Maynard Keynes, a great economist must also be a(n)
a. mathematician.
b. historian.
c. philosopher.
d. All of the above are correct.
d
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The demand for money curve shifts rightward if
A) the price level increases. B) real GDP increases. C) the nominal interest rate increases. D) the real interest rate decreases.
In general, consumers' valuation of additional units of quality ________ as more units of quality are included in the product, causing the marginal revenue curve from quality improvement to be ________ sloping.
A) falls; upward B) increases; downward C) falls; downward D) increases; upward
Which is not one of the four basic questions used by economists to break down problems?
A. What do others think? B. What are the trade-offs? C. How will others respond? D. Why isn't everyone already doing it?
While purchasing _____ an individual whose cost of time is low will visit a larger number of dealers compared to the individual whose cost of time is high
a. a rare piece of jewelry b. a refrigerator c. a pair of jogging shoes d. a cabinet for keeping books