Among the groundbreaking contributions to economics made by John Maynard Keynes is
A) the insight that recessions can result from a lack of aggregate demand.
B) the development of the spending multiplier.
C) the theory of sticky wages and prices.
D) all of the above
D
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Which of the following is an example of an investment in physical capital?
A. A firm pays for workers to take college classes. B. A chemical firm employs chemists to develop new chemicals. C. A firm trains workers to operate new machinery. D. A firm purchases new equipment for a manufacturing process.
"When the cost of producing a unit of a good falls because the firm uses specialized resources to produce a range of goods and services" is the definition of
A) economies of scope. B) economies of scale. C) economic efficiency. D) technological efficiency.
The GDP Price Index and the Consumer Price Index measure prices of the same set of goods
a. True b. False
An increase in Social Security payments to retired persons has what effect on equilibrium income?
A. GDP will fall. B. GDP will rise. C. GDP will remain the same. D. GDP will fall by less than the increase in payments.