What is the title of the John Maynard Keynes's book published in 1936 that challenged the classical self-correction economic theory?
a. In the Long-run We Are Dead.
b. Classical Economics Revised.
c. General Theory of Employment, Interest, and Money.
d. A Keynesian Approach to Economic Policy.
c
You might also like to view...
The bias in the CPI typically
A) overstates inflation. B) understates inflation. C) about half the time overstates and about half the time understates the inflation rate. D) cannot be measured or estimated.
If the expenditure schedule must be shifted downward to reach potential GDP, then the economy is experiencing a(n)
A. inflationary gap. B. precautionary gap. C. restrictive gap. D. expansionary gap.
Which of the following statements is not correct?
a. If a firm discriminates by paying short workers less than tall workers, the firm may be able to compete in the market if the firm's customers also prefer taller workers to shorter workers. b. If the government passes regulations that prevent shorter workers from working in higher paying jobs, taller workers may continue to earn higher wages than shorter workers. c. Government regulation that prohibits discrimination is economically necessary because market forces support discrimination. d. Competitive markets will eliminate discrimination in wages over time unless customer preferences also reflect discrimination and/or government intervention promotes discrimination.
Ina duopoly, if advertising only takes customers from rivals rather than attracting new customers, the two firms would prefer
A) the Nash equilibrium level of advertising B) to advertise more than the current level C) to not change the level of advertising D) an advertising ban