Economist John Maynard Keynes once said, "In the long run, we are all dead." Keynes was likely:
A. against the use of fiscal policy.
B. in favor of using fiscal policy.
C. in favor of allowing the economy to always correct itself.
D. Economy never achieves its long run equilibrium.
Answer: B
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In Figure 4-18, there would be a surplus of T-shirts if the price were
A. $10. B. $8. C. below $8. D. between $8 and $6.
Comparative advantage is the ability to produce:
A. more of a good than others with a given amount of resources. B. relatively more than any other good with a given amount of resources. C. a good or service at a lower opportunity cost than others. D. more of a good at a lower cost.
The perfectly competitive firm faces
A) a downward sloping demand curve. B) a horizontal supply function. C) perfectly elastic demand. D) constant marginal costs.
A . How did the National Bank Act of 1864 tighten the money supply? b. What was the weakness of the National Bank Act of 1864?