Keynes noted that that one solution to a recession was increased government spending, and while it would be nice if the government could spend additional money on housing, roads, and other amenities, he also argued that if the government could not agree on how to spend money in practical ways, then
a. it should not spend the additional money.
b. a trade-off would appear.
c. the Phillips curve would shift.
d. it should spend in impractical ways.
d. it should spend in impractical ways.
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A group of firms acting together to limit output, raise price, and increase economic profit is a called a
A) duopoly. B) monopolistic oligopoly. C) competitive oligopoly. D) cartel. E) multi-firm competitive monopoly.
In the above table, what is the marginal revenue product of the 2nd worker?
A) $99 B) $70 C) $110 D) $9
A country would tend to experience currency depreciation relative to other countries if: a. the profitability of investments within the country increases relative to the rest of the world. b. people in the foreign currency markets expect the value of the currency to rise in the near future. c. the foreign demand for its exports decreases
d. none of the above.
Consider the following information regarding a person's decision to go to college: college tuition is $20,000 per year, room and board is $10,000 per year, and books and materials are $2,000 per year. Suppose that instead of going to college this person could have earned $18,000 working in a store. An economist would calculate the cost of going to college as
a. $20,000. b. $30,000. c. $32,000. d. $50,000. e. $18,000.