The phrases "once in, always in" and "once in, always grows" aptly describe a criticism of the Keynesian policy prescription for
a. the self-correcting nature of the economy
b. moderating aggregate output
c. closing a recessionary gap with government spending
d. the balanced budget multiplier
e. closing an inflationary gap
C
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"Compared to a competitive market, a single-price monopoly decreases the consumer surplus and increases the economic profit." Is the previous statement correct or incorrect? Explain your answer
What will be an ideal response?
Refer to the table below. If Sweet Grams is a perfectly competitive firm and the market price $1.00 per unit, what is the profit-maximizing quantity for Sweet Grams to produce at Plant 2?
Sweet Grams makes graham cracker snack packages. Sweet Grams is a multi-plant firm with two production facilities. The above table summarizes the total marginal cost of production at various output levels in the separate plants. Assume Sweet Grams is a perfectly competitive firm.
A) 20,500
B) 22,500
C) 27,000
D) 24,000
The dominant factor affecting medical care delivery and finance in the 1960s was
a. the Hill-Burton Act. b. prospective payment for hospitals. c. thecreation of Medicare and Medicaid. d. the explosive growth of managed care. e. the passage of ERISA.
Markets may fail to allocate resources efficiently when property rights are not well established
a. True b. False Indicate whether the statement is true or false