After the Great Depression of the 1930s and particularly since World War II until the 1970s, the ideas of the __________ school became conventional wisdom
a. classical
b. Keynesian
c. monetarism
d. supply-side
e. rational expectations
T
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Which of the following would increase the consumption component of U.S. GDP?
A. A restaurant in Denver purchases a bottle of California wine to include on its wine list. B. The U.S. government buys a bottle of California wine to serve at a state dinner in the White House. C. A person in Paris purchases a bottle of California wine. D. You purchase a bottle of California wine.
An increase in demand will have what effect on equilibrium price and quantity?
a. Price will increase; quantity will decrease. b. Price will decrease; quantity will increase. c. Both price and quantity will increase. d. Both price and quantity will decrease.
While the short-run Phillips curve is upward-sloping, the long-run Phillips curve is downward-sloping
Indicate whether the statement is true or false
In order for a Pigovian tax to be effective, it must:
A. be imposed on the consumer. B. be imposed on those affected by the externality. C. be imposed on the producer. D. None of these statements is true.