Q: How many economists does it take to change a light bulb?
A: All. Because then you will generate employment, more consumption, moving the aggregate demand curve to the right.
This joke represents the view of
A) classical economists.
B) economists who contend that money illusion never occurs.
C) Keynesian economists.
D) economists who conclude that wages and prices are very flexible.
C
You might also like to view...
For much of its history, General Motors was characterized by having versions of the same car with different nameplates, e.g., Chevrolet vs. Cadillac. This business model has seemed less successful in recent years. What might explain this?
A) Consumers have more information concerning costs and quality. B) Consumers have more information concerning costs but not quality. C) Sellers have more information concerning costs but consumers have more information about quality. D) Consumers have less information concerning costs and quality.
Price-cap regulation not only motivates cost control, it can also motivate socially desirable pricing
Indicate whether the statement is true or false
If people decide to hold some of their cash and not deposit it, then the:
A. money multiplier overestimates how much money will be created in the economy. B. reserve ratio is not fully functioning, and should be raised. C. reserve ratio is not fully functioning, and should be lowered. D. money multiplier underestimates how much money will be created in the economy.
Which of the following is NOT one of the core deliverables of a logistics system?
a. Infrastructural integrity b. Product availability c. Timely delivery d. Protection against disruption e. Operational efficiency