The Employment Act of 1946 was built largely out of
A) philosophy of William J. Boyes.
B) free market economic philosophy.
C) the ideas of Milton Friedman.
D) Keynesian philosophy.
D
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The potential money multiplier gives us
A) the maximum potential change in the money supply due to a change in reserves. B) the growth in real national income when the money supply increases. C) the maximum potential change in the money supply due to a change in income. D) the growth in the money supply when income increases.
If the government increases spending but does not raise taxes
A) aggregate demand will increase without any effect on the price level. B) borrowing by the government will take place. C) the government will have to sell some assets, such as oil and national parks. D) the government will have to either lower expenditures or raise taxes the next year.
Refer to the table. At the equilibrium price, each of the 100 firms in this industry will produce:
A. 600,000 units of output.
B. 60,000 units of output.
C. 6,000 units of output.
D. 600 units of output.
Tony spends $36 per month on cookies. For him, chocolate chip cookies and peanut butter cookies are perfect substitutes. Chocolate chip cookies are $4 per dozen and peanut butter cookies are $3 per dozen
How many dozen of each type of cookie will Tony buy in a given month if he wants to maximize his utility?