When did Keynes write his great work, The General Theory of Employment, Interest, and Money?
a. During the 1920s
b. During the 1930s
c. During the 1940s
d. During the 1950s
b. During the 1930s
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Lindahl prices for collective consumption goods are _____
a. are sufficient to achieve political agreement on the optimal level of output b. are necessary to achieve political agreement on the optimal level of output c. are sufficient for economic efficiency d. are necessary for economic efficiency
Unions
a. and firms paying wages above equilibrium to improve worker effort both create frictional unemployment. b. create frictional unemployment, while firms paying wages above equilibrium to improve worker effort create structural unemployment. c. create structural unemployment, while firms paying wages above equilibrium to improve worker effort create frictional unemployment. d. and firms paying wages above equilibrium to improve worker effort both create structural unemployment.
The default-risk premium:
A. should vary directly with the bond's yield and the bond's price. B. should be lower for a highly speculative bond than for an investment-grade bond. C. should vary directly with the bond's yield and inversely with its price. D. is less than 0 (zero) for a U.S. Treasury bond.
Which of the following spending components makes up the largest percentage of Gross Domestic Product (GDP)?
A. consumption expenditures B. expenditures on net exports of goods and services C. gross private domestic investment expenditures D. government expenditures