(Last Word) Say's law and classical macroeconomics were disputed by:
A. Adam Smith.
B. Jeremy Bentham.
C. John Stuart Mill.
D. John Maynard Keynes.
D. John Maynard Keynes.
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The saying "There's no such thing as a free lunch," applies
A) when there is some unemployment. B) on the production possibilities frontier. C) at all points inside the PPF. D) to unattainable combinations of goods and services. E) when more of one good can be produced without decreasing production of another.
In monopolistic competition, in the long run firms have
A) a capacity shortage. B) excess capacity. C) an economic profit. D) an economic loss.
Perfectly competitive firms will sometimes operate even though they incur an economic loss in the short run
Indicate whether the statement is true or false
In Spain, people are considered organ donors unless they explicitly indicate they do not want to be. In the United States, people are only considered organ donors if they explicitly indicate they wish to be. Behavioral economics would suggest that
A) everything else equal, the opt-in system of Spain would generate more organ donors. as a percentage of the adult population. B) everything else equal, the opt-in system of the United States would generate more organ donors as a percentage of the adult population. C) everything else equal, the opt-out system of Spain would generate more organ donors. as a percentage of the adult population. D) everything else equal, the opt-out system of the United States would generate more organ donors as a percentage of the adult population.