Who would be most likely to agree that "People do not always save more as interest rates rise"?
A) a classical economist
B) John Maynard Keynes
C) an efficiency wage theorist
D) a and b
E) a, b, and c
B
You might also like to view...
Marginal private cost
A) is always zero if there is an external cost. B) equals the marginal social cost only if the marginal external cost is positive. C) is the cost of producing an additional unit of a good or service that is paid by the producer of that good or service. D) the cost of producing an additional unit of a good or service that falls on people other than the producer of that good or service. E) the cost of producing an additional unit of a good or service that is paid by the entire society.
In 1975 a pocket calculator cost more than $50; in 1990 a calculator of the same quality cost less than $10 . Which of the following explanations is most consistent with these facts? a. Intense competition in the calculator industry caused the supply curve for calculators to shift to the left, depressing the price. b. An increase in the demand for calculators led to the price drop
c. An improvement in technology caused the supply of calculators to increase, depressing their price. d. As the population grew, fewer expensive calculators were needed, causing prices to fall.
Which of the following would not be included in the calculation of accounting profit?
A. The rent paid by the owner for the use of a building. B. The medical insurance coverage for the company's workers. C. The salary the owner could have earned working elsewhere. D. The wages paid to the company's workers.
Draw a graph of the short-run cost curves for a purely competitive firm that shows a short-run supply curve for the individual firm. Identify the shutdown point, the break-even point, the profit-maximizing point, and the levels of output associated with
those points. What will be an ideal response?