Which of the following is accurate about John Maynard Keynes?
a. He was one of the most influential economists in early U.S. history.
b. He believed economics is a subject but not a way of thinking.
c. He believed economics is not just a subject area but also a way of thinking.
d. He believed that economics is not a subject but is a way of thinking.
c. He believed economics is not just a subject area but also a way of thinking.
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Joe owns a small coffee shop, and his production function is q = 3KL where q is total output in cups per hour, K is the number of coffee machines (capital), and L is the number of employees hired per hour (labor)
If Joe's capital is currently fixed at K=3 machines, what is his short-run production function? A) q = 3L B) q = 3L2 C) q = 9L D) q = 3K2
If tastes for a good decreased and the price of a substitute good increased at the same time, as a result: a. prices would rise
b. prices would fall. c. larger quantities to be exchanged. d. we would not know which direction either prices or quantities exchanged would be altered without more information.