Each of the following is consistent with Keynesian theory EXCEPT
A. Sometimes strong government intervention is necessary to end a depression.
B. The expected rate of profit is more important than the interest rate in determining the level of investment in an economy.
C. Our economy always tends toward equilibrium GDP but not necessarily full employment GDP.
D. Flexible wages and prices present in modern economies will end a recession.
D. Flexible wages and prices present in modern economies will end a recession.
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The following data relate to the supply schedule of a product.PriceQuantity Supplied$51001020015250203002535030500Using the regular percentage change formula, what is the price elasticity of supply when price decreases from $20 to $15?
A. 1 B. 0.45 C. 0.2 D. 0.67
Refer to Scenario 1. What is the marginal product of the third hour of labor?
A) 60 B) 80 C) 100 D) 240
The college textbooks market is an example of
A) perfect competition. B) oligopoly. C) monopoly. D) monopolistic competition.
A cartel:
a. is a group of firms formally agreeing to control the price and the output of a product. b. has as its primary goal to reap monopoly profits by replacing competition with cooperation. c. is illegal in the United States, but not in other nations. d. all of these.