The Keynesian approach assumes that
A) the economy is self-regulating. B) there is no unemployment in the economy.
C) the price level is fixed. D) the government budget is always in deficit.
C
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The above table shows the marginal benefit from submarines for the only two citizens of a country. Submarines are a public good. If submarines cost $25 a piece to produce, who would vote for the purchase of four submarines?
A) both Katie and Bobby B) Katie only C) Bobby only D) nobody
Subsidies paid to the health care industry for Medicare patients are paid by
A) Congress. B) the Teamsters union. C) current taxes. D) the Federal Reserve.
_____ is an example of specific human capital
a. High school education b. A bachelor's degree in Economics c. On-the-job learning for a sales executive d. A PhD in astrophysics
If two goods are close substitutes:
a. A decrease in the price of one will increase the demand for the other b. An increase in the price of one will increase the demand for the other c. An increase in the price of one will decrease the demand for the other d. A decrease in the price of one will have no effect on the demand for the other