The idea that business cycles are nothing more than variations in the rate of growth of a full-employment economy is proposed by
a. Keynesian theorists
b. Kuznets cycle theorists
c. innovation cycle theorists
d. real business cycle theorists
e. internal cycle theorists
D
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If a firm makes negative short run profits, it will exit the industry in the long run.
Answer the following statement true (T) or false (F)
The rule of equating marginal benefit with marginal cost is a tool that can be applied to a wide variety of decisions, not just economics.
Answer the following statement true (T) or false (F)
The takeover process does not use up capital; it merely redistributes it.
Answer the following statement true (T) or false (F)
The fact that more women have chosen to work as real wages rise is evidence that, for them:
a. leisure is an inferior good. b. income and substitution effects of higher real wages work in the same direction. c. income and substitution effects of higher real wages may work in opposite directions. d. income and substitution effects may work in opposite directions but that the substitution effect is stronger.