The group of economists who believed that the macroeconomy worked very well on its own were
a. microeconomists
b. macroeconomists
c. classical economists
d. Keynesian economists
e. Marxist economists
C
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When an average total cost pricing rule is enforced, average total cost equals ________
A) marginal revenue B) total revenue C) price D) average total cost
If there is imperfect competition in the product market, the marginal revenue product of a factor will be greater than the value of its marginal product
a. True b. False Indicate whether the statement is true or false
When total revenue is less than variable costs, a firm in a competitive market will
a. continue to operate as long as average revenue exceeds marginal cost. b. continue to operate as long as average revenue exceeds average fixed cost. c. shut down. d. raise its price.
At the equilibrium real interest rate in the open-economy macroeconomic model, the amount that people want to save equals the desired quantity of
a. net capital outflow. b. domestic investment. c. net capital outflow plus domestic investment. d. foreign currency supplied.