Who was the economist that began modern macroeconomics?
a. Adam Smith
b. Paul Samuelson
c. Milton Friedman
d. John Maynard Keynes
e. Ben Bernanke
D
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Ten years ago, Veronica’s country went through a recession. Many people struggled to get by. The economy has since recovered, but many people are reluctant to spend much of their income, preferring to save as much as possible in case bad economic times return. What impact will this have on economic growth?
a. It will have little impact on growth. b. It will slow economic growth. c. It will boost economic growth. d. It will slow growth in the long term but boost it in the short term.
Does the experience of World War II demonstrate that government budget deficits and surpluses can be used to stabilize aggregate demand?
A) No, because the deficits run during the 1930s did not end the recession. B) No, because the fact that deficits or surpluses can alter aggregate demand does not prove they can stabilize it. C) Yes, because nominal GDP increased by more than the amount of the deficit in each wartime year. D) Yes, because World War II demonstrated the multiplier effect of deficits.
How were Smith, Ricardo, Malthus and Marx, in their own ways, pessimistic about long-term development?
What will be an ideal response?
Refer to the accompanying table. Pat's opportunity cost of delivering a pizza is making: Pizzas Made Per HourPizzas Delivered Per HourCorey126Pat1015
A. 3/2 of a pizza. B. 2/3 of a pizza. C. 12 pizzas. D. 10 pizzas.