Keynesian economists believe:
A. government policies do not affect economic activity.
B. most government policies would probably make things worse.
C. governments can implement policy proposals that can positively impact the economy.
D. the economy ought to be left to market forces.
Answer: C
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Say's Law is the claim that the aggregate value of goods and services produced necessarily:
A. increases over time. B. will decrease over time. C. creates a smaller value of aggregate demand for those goods. D. creates an equal value of aggregate demand for those goods.
In the real world
A) many firms charge different prices based on consumers' willingness to pay. B) all sellers charge one price set by the government. C) profitable sellers will set one price based on the average elasticity of demand of buyers. D) all sellers charge one price equal to the marginal cost of production.
Open market operations are an appropriate tool for day-to-day changes in monetary policy
Indicate whether the statement is true or false
National output is a function of ________
A) capital and saving B) technology, employment and demand C) labor and depreciation D) labor, technology and capital