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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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.
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.