Describe Keynesian Economics as it pertains to GDP
What would be an ideal response?
Be sure to include:
What does Keynes say about consumption and savings/dis-savings?
What does Keynes say about Investment and interest rates Depletion/ accumulation?
What does Keynes say about Government?
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How does an unusually warm winter affect the equilibrium price and quantity of gloves?
A) It raises both the price and the quantity. B) It raises the price and decreases the quantity. C) It lowers the price and increases the quantity. D) It lowers both the price and the quantity.
A firm that reduces its research and development spending will expect competitor firms to reduce research and development spending as competition is reduced.
Answer the following statement true (T) or false (F)
One feature of pure monopoly is that the firm is ________.
A. a producer of products with close substitutes B. a price taker C. a price maker D. one of several producers of a product
Allocative efficiency occurs whenever:
A. consumer surplus is maximized. B. it is impossible to produce a net benefit for society by changing the combination of goods and services produced. C. firms have maximized their profits. D. it is impossible to make someone in society better off without making someone else worse off.