Keynesians
A. believe capitalism is inherently stable.
B. believe the markets in a capitalistic economy are highly competitive.
C. argue against the use of discretionary monetary policy.
D. contend that government intervention in the economy is desirable.
D. contend that government intervention in the economy is desirable.
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Refer to Above Figure, an increase in population would be represented by a movement from
a. S1 to S2 b. D1 to D2 c. B to A d. B to C.
When the market is in equilibrium,
a. Total surplus is minimized b. Total surplus is maximized without government intervention c. Government maximizes total revenue d. None of the above
The marginal product of an input is defined as the change in:
A. total input attributable to the last unit of an output. B. average output attributable to the last unit of an input. C. total output attributable to the last unit of an input. D. average output attributable to the last unit of an output.
Refer to the information provided in Table 6.4 below to answer the question(s) that follow. Table 6.4Number ofDonuts per DayTotal UtilityMarginal Utility180?2150?3200?4230?5?10Number ofBurritos per DayTotal UtilityMarginal Utility160?2108?3144?4168?5?12Refer to Table 6.4. If the price of a donut is $2, the price of a burrito is $4, and Luigi has $12 of income, Luigi's utility-maximizing combination of donuts and burritos per day is
A. 2 donuts and 1.5 burritos. B. 1 donut and 2 burritos. C. 4 donuts and 1 burrito. D. indeterminate from this information.