Ever since the birth of Keynesian economics in the 1930s,
a. controversy has developed over the extent to which government should play an active role in managing the economy.
b. controversy has developed over the extent to which markets should play an active role in managing the economy.
c. agreement has developed over the extent to which government should play an active role in managing the economy.
d. agreement has developed over the extent to which markets should play an active role in managing the economy.
a. controversy has developed over the extent to which government should play an active role in managing the economy.
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The concept of utility maximization:
A. can be used broadly to think about choices made motivated by satisfaction, envy, status, or kindness. B. assumes each individual seeks to increase his own personal satisfaction regardless of others. C. is solely used to measure an individual's satisfaction with his consumption choices. D. None of these is true.
Most economists agree that a majority of recessions are caused by supply shocks
Indicate whether the statement is true or false
If the marginal propensity to save (MPS) is 0.1, the multiplier will be
A) 0.1. B) 1. C) 5. D) 10.
If the price falls below minimum SRAVC, the quantity supplied by the firm will be
A. the quantity at minimum MC. B. zero. C. the quantity at the point where MC intersects AC. D. the quantity at minimum AC.