Which English philosopher set out to develop an arithmetic formula for measuring happiness and along the way invented the util?
A) John Maynard Keynes
B) Milton Friedman
C) Jeremy Bentham
D) Adam Smith
Answer: C
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The Federal Open Market Committee of the Federal Reserve System is responsible for
A) maintaining competition among the nation's commercial banks. B) determining monetary policy actions. C) establishing the official price of gold. D) defining the foreign exchange value of the dollar.
All of the following are true regarding managerial diseconomies except which one?
A) Managerial diseconomies are a cost associated with vertical integration. B) An increase in the required expertise of managers is a type of managerial diseconomy. C) Managerial diseconomies incentivize vertical integration. D) Increased complexity of the firm is a type of managerial diseconomy.
Keynesian economics focuses on the role of aggregate spending in determining the level of real GDP
a. True b. False Indicate whether the statement is true or false
How do nonprice-level factors that change total spending in an economy affect the aggregate demand curve?
a. The entire curve shifts leftward or rightward. b. There is movement along the curve. c. The curve becomes perfectly vertical. d. The entire curve develops an upward slope.