According to economist Arnold Kling's perspective on the economy, economic activity is best viewed by focusing on
A) aggregate demand.
B) the actions of the Federal Reserve.
C) changes in spending.
D) specialization and trade.
D
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In a simple macroeconomic model, replacing the assumption of exogenous investment with the accelerator theory of investment ________ the effect on equilibrium GDP of fiscal policy changes, and ________ the effect on equilibrium GDP of changes in
autonomous consumption. A) increases, increases B) increases, dampens C) dampens, increases D) dampens, dampens
In the Keynesian money market, velocity is
a. negatively related to the interest rate. b. independent of the interest rate. c. positively related to the interest rate. d. is positively related to the money supply. e. is not related to the interest rate but income.
he price at the intersection of the ______ curve and the ______ curve is called the equilibrium price.
a. individual supply; market demand b. individual supply; individual demand c. market supply; individual demand d. market supply; market demand
The importance of the marginal cost curve of a company is that it is also the
A. demand curve for its product. B. average cost curve for its product. C. marginal revenue curve for its product. D. supply curve for its product.