Who was Jean-Baptiste Say? How does his theory (or "law") compare with that of John Maynard Keynes?
What will be an ideal response?
Jean-Baptiste Say was a French economist born in 1767. He reasoned, in his best-selling book, Treatise in Political Economy, that the supply side of the market is the dominant factor in the market in achieving the equilibrium. He argued that the production of goods and services would create the income necessary to demand these goods and service, hence the phrase "supply creates its own demand." This idea became known as Say's Law. On the other hand, John Maynard Keynes, a British economist born in 1883 and a key figure in establishing the International Monetary Fund (IMF), took the opposite view of his predecessor. He advocated that it is the effective demand that rules the roost in determining the real GDP and that the mere production of goods and services was no guarantee that there would exist demand for them.
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In a two-good, two country world, if one country has a comparative advantage in the production of one good, it can benefit by trading with the other country
Indicate whether the statement is true or false
The idea of a carbon tax makes more sense at the _________ level because it is ____________.
A. individual; easier to monitor B. individual; going to have a larger impact C. corporate; going to have a larger impact D. corporate; easier to monitor
If you win money in a casino you may be more likely to spend that money than your hard-earned cash. This is called:
a. compartmentalizing b. self control c. rule of thumb d. anchoring
In the macroeconomic short run
What will be an ideal response?