QUESTION 33 John Maynard Keynes: was true for all of these questions. helped ele
ID: 1134003 • Letter: Q
Question
QUESTION 33
John Maynard Keynes:
was true for all of these questions.
helped elevate macroeconomics in importance.
supported greater government intervention in the economy.
was supported by most Democratic Party presidential candidates.
was the most famous economist of the 20th century.
0.5 points
QUESTION 34
The "big" tradeoff is between efficiency and equity (fairness) in any economy.
True
False
0.5 points
QUESTION 35
The analysis of the behavior of individual decision-making units is the definition of
normative economics.
macroeconomics.
positive economics.
microeconomics.
0.5 points
QUESTION 36
Pure public goods are:
non-rival but exclude.
non-excludable, indivisible, and non-rival.
excludable, divisible, and non-rival.
rival but non-excludable.
0.5 points
QUESTION 37
The "gifts of nature" are included as part of which factor of production?
entrepreneurship
labor
land
capital
was true for all of these questions.
helped elevate macroeconomics in importance.
supported greater government intervention in the economy.
was supported by most Democratic Party presidential candidates.
was the most famous economist of the 20th century.
Explanation / Answer
33) The correct option is a) because prior to great depression macroeconomics was not involved. Keynes propagated government intervention to bring economy out of depression and the last two options are also true.
34) true, because efficiency do not imply equity.
35) Option d) because under microeconomics behavior of individual consumer and firm is studied.
36) Option b) because public good have the property of non-rivalness and non-excludability
37) correct option is c) land is a factor of production in agricultural goods and is available naturally.