"Money is a veil" best describes the
a. new-Keynesian view.
b. Keynesian view.
c. classical view.
d. economy in the short run but not the long run.
c
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The precise definition of GDP is the total value of all
a. goods and services produced by a nation, minus household labor b. goods and services produced by a nation, minus depreciation c. goods and services produced for the marketplace during a given period d. final goods and services produced for the marketplace during a given period, within a nation's borders e. final goods and services produced within a nation's borders and by this nation's citizens abroad during a given period
If a firm increases its production every month, then its:
a. average fixed cost increases every month. b. average variable cost gets closer to the average total cost every month. c. average variable cost becomes equal to the average total cost. d. average fixed cost gets closer to the average total cost every month.
A type of public policy set in response to rising prices of a basic necessity, such as food, might be:
A. to subsidize the price of those goods. B. to hire more producers of those goods. C. to make it illegal to charge higher prices for those goods. D. All of these are ways government can try to address rising prices of a basic necessity.
Suppose that the interest rate paid to savers increases. As a result, Tom wishes to save less. This suggests that, for Tom,
A) the substitution effect is greater than the income effect. B) the income effect is greater than the substitution effect. C) utility maximization is not occurring. D) future consumption is a luxury.