(Last Word) In The General Theory of Employment, Interest, and Money:
A. Adam Smith stated his idea of the invisible hand.
B. Thorstein Veblen poked fun at the leisure class.
C. John Maynard Keynes attacked the classical economist's contention that recession or
depression will automatically cure itself.
D. J. B. Say developed "Say's law."
C. John Maynard Keynes attacked the classical economist's contention that recession or
depression will automatically cure itself.
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Everything else equal, an increase in the demand for dollars in exchange for pesos:
A) will cause the dollars to appreciate against the pesos and will increase the quantity of dollars being traded in the foreign exchange market. B) will cause the dollars to appreciate against the pesos and will decrease the quantity of dollars being traded in the foreign exchange market. C) will cause the dollars to depreciate against the pesos and will increase the quantity of dollars being traded in the foreign exchange market. D) will cause the dollars to depreciate against the pesos and will decrease the quantity of dollars being traded in the foreign exchange market.
The most profitable price for a monopolist is
A) the price at which demand is unit elastic. B) a price that maximizes the quantity sold. C) the highest price a consumer is willing to pay for the monopolist's product. D) the price for which marginal revenue equals marginal cost.
If a factor of production with a fixed supply is earning $100 in its current use and its next best use would yield earnings of $80, the factor is earning a pure economic rent equal to
A) $0. B) $20. C) $80. D) $180.
To tell a compelling story, an economist relies on
a. case studies b. anecdotes c. irrelevant data d. anecdotes and irrelevant data e. case studies and anecdotes