Which of the following schools of thought stressed on a fixed-price model for macroeconomic equilibrium?
a. Traditional Keynesians
b. New Keynesians
c. Monetarists
d. Classical economists
e. New classical economists
a
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Which of the following is the best description of the effects of an increase in the supply of bread?
a. Consumers will pay more for bread. b. Bread prices will fall, and bread sales will rise. c. A permanent surplus of bread will remain on the market. d. Bakers will have higher marginal costs.
The fact that there are fewer and fewer potential investments that will generate returns high enough to make the cost of paying back a loan worthwhile is reflected in the:
A. upward-slope of the supply curve in the market for loanable funds. B. downward-slope of the supply curve in the market for loanable funds. C. upward-slope of the demand curve in the market for loanable funds. D. downward-slope of the demand curve in the market for loanable funds.
Tacit collusion is
a. collusion which is carried out without any explicit agreement among firms. b. collusion about tacits, rather than strategy. c. agreements which are sponsored by government. d. similar to pure competition.
Suppose the production of mp3 players can be represented by the following production function: q = L0.4K0.4. The firm currently produces q1 units. If all inputs doubled, the new level of output will equal
A) 20.4 q1. B) 20.8 q1. C) 0.8 q1. D) 1.6 q1.