In the midst of the Great Depression, President Roosevelt in a radio address to the nation encouraged everyone to "spend ourselves into prosperity." His advice reflected
A) Say's Law.
B) the expenditure multiplier effect.
C) his view that there should be no saving and no dissaving.
D) his view that induced expenditure was less important than autonomous expenditure.
E) the difference between actual aggregate expenditure and planned aggregate expenditure.
B
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Refer to Scenario 1-2. Using marginal analysis terminology, what is another economic term for the incremental cost of producing the last 500 cigars?
A) explicit cost B) marginal cost C) operating cost D) Any of the above terms are correct.
Which of the following can be thought of as a barrier to entry?
A) scale economies. B) patents. C) strategic actions by incumbent firms. D) all of the above
Suppose two fishing boats are both run by profit-maximizing captains. Bob's boat cost him $500,000 and Debra's boat cost her $400,000 . If they both have identical boats and their labor and fuel costs are the same, who will catch more fish?
a. Bob will catch 20 percent fewer fish b. Debra will catch 20 percent fewer fish c. they will catch the same d. Bob will catch 25 percent more fish e. Debra will catch 25 percent more fish
An economic naturalist is someone who:
A. applies economic insights to understand everyday life. B. studies the process of natural selection in a cost-benefit framework. C. has an innate talent for using economic concepts. D. uses economic arguments to protect the environment.