What does the phrase "Keynesian revolution" refer to?
What will be an ideal response?
The Keynesian revolution is the name given to the widespread acceptance during the 1930s and 1940s of John Maynard Keynes's macroeconomic model.
Economics
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Suppose that the government enacts a tax on Good X. In order to estimate the effect of the tax on the quantity demanded of a related good, Good Y, we can use the concept of the:
A) price elasticity of demand. B) income elasticity of demand. C) cross-price elasticity of demand. D) cost elasticity of demand.
Economics
Which of the following economic effects of unions tends to improve efficiency?
A. Featherbedding B. Strike or lockout C. Union wage advantage D. Voice mechanism
Economics