Macroeconomics emerged as a separate subject largely in response to:
A. Irving Fisher's development of the quantity theory of money.
B. Adam Smith's The Wealth of Nations.
C. John M. Keynes's explanation of business cycles.
D. Alfred Marshall's distinction between the long run and short run.
Answer: C
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The extra cost associated with undertaking an activity is called
A) opportunity cost. B) foregone cost. C) marginal cost. D) net loss.
Discuss some of the factors that lead infant manufactured goods industries to become more efficient over time, and some of the factors that might lead them to fail to do so
What will be an ideal response?
If demand for a given good is perfectly elastic, it follows that
a. as price changes, quantity demanded does not change. b. as price changes, quantity demanded changes by a larger percentage. c. as price changes only a small percentage, quantity demanded falls to zero. d. as income changes only a small percentage, quantity demanded changes by a very large percentage. e. none of the above
A firm will continue to produce if total revenue is greater than total variable cost even if total revenue is less than fixed cost
a. True b. False