Which of the following did John Maynard Keynes believe held the key to understanding fluctuations in investment?
a. how people spend their money
b. how businesses make predictions
c. how inflation affects the economy
d. how governments enact policy
a. how people spend their money
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If the United States imposes a tariff on foreign chocolate, how are foreign producers of chocolate affected?
A) Their supply is unaffected because the quota must be met by U.S. producers. B) They export less to the United States. C) Their supply increases because they have to pay the tariff. D) The tariff has no effect on foreign producers because U.S. consumers must pay the higher price. E) They earn more profit because their chocolate sells for a higher price.
Evidence from the time period 1960-1980 indicates that inflation in the United States resulted from
A) an employment target that was set too high. B) the government's inability to sell bonds to the Fed. C) an expansion in the money supply to finance federal government expenditures. D) the excessive sale of government bonds to the public.
When a cartel breaks down and its members start cheating, the behavior in the industry becomes a
A) noncooperative game. B) zero-sum game. C) high stakes game. D) positive sum game.
The official poverty income threshold in the United States is
A. based on the cost of a budget that includes food, clothing, and shelter. B. never adjusted for the effects of inflation. C. the same for all families independent of the number of people in the family. D. calculated as three times the cost of a minimally acceptable diet for a family.