New classical economics
a. resulted from the high inflation and unemployment of the 1970s.
b. developed in an era of high inflation and unemployment during the 1970s.
c. resulted from the dissatisfaction associated with the prevailing Keynesian orthodoxy.
d. Both b and c.
e. all of the above.
E
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Suppliers will be willing to supply a product only if
A) the price received is at least equal to the additional cost of producing the product. B) the price is higher than the average cost of producing the product. C) the price received is at least double the additional cost of producing the product. D) the price received is less than the additional cost of producing the product.
Suppose that when the price of strawberries decreases, Simone increases her purchase of whipped cream. To Simone
A) strawberries and whipped cream are normal goods. B) strawberries and whipped cream are complements. C) strawberries are a normal good and whipped cream is an inferior good. D) strawberries and whipped cream and substitutes.
An increase in expected inflation results in
A) lower nominal interest rates and higher bond prices. B) lower real interest rates and higher bond prices. C) higher real interest rates and lower bond prices. D) higher nominal interest rates and lower bond prices.
If the price elasticity of demand for apples is greater than 1, an increase in apple prices will
A) raise total revenue. B) lower total revenue. C) not affect total revenue. D) either raise or lower total revenue, but it is impossible to determine which.