Which of the following "quotations", according to chapter 23, best summarizes Keynes conclusions about the lessons of the depression for the nature of capitalism?
a. "It is in determining the volume, not the direction, of actual employment that the existing system has broken down.".
b. "An economic system that forgets to find work for millions of men and women, cannot be trusted to perform any task in an intelligent fashion.".
c. "The depression is essentially a problem of reliance on a private banking system for the provision of an inherently public good, money.".
d. "The rules of sound finance, namely stable prices and balanced budgets, apply as much to the present crisis, as they do in more pleasant times.".
a. "It is in determining the volume, not the direction, of actual employment that the existing system has broken down.".
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The vertical distance between the total cost curve and the total variable cost curve ________ as output increases and the vertical distance between the average total cost curve and average variable cost curve ________ as output increases
A) is constant; decreases B) decreases; is constant C) increases; decreases D) decreases; increases E) decreases; decreases
If the short run aggregate supply curve is flat, the Phillips curve will be
a. flat b. steep c. horizontal d. upward sloping