Keynes believed that the instability in income was caused by variability in
a. investment.
b. taxes.
c. consumption and savings.
d. government spending.
A
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Which of the following is the best test of whether a government program should be undertaken?
a. approval by a majority in each of the two branches of Congress b. the total number of jobs created by the program c. the increase in GDP as a result of the government program d. value generated by the government program that exceeds the value of the production it crowds out
Currency held outside the banking system is included
A) in M1 but not M2. B) in M2 but not M1. C) in both M1 and M2. D) in neither M1 nor M2.
The aggregate supply curve slopes upward because firms
A. seek to maximize profits and output. B. normally can purchase inputs at fixed prices. C. employ technology, which is always fixed. D. purchase inputs whose prices rise as output rises.
Monopolization of both the labor market and the output market results in
A) higher wages than when both are competitive. B) a higher output price than when both are competitive. C) a lower level of output than when both are competitive. D) All of the above.