According to Keynes,
A) the Great Depression was caused by ill-considered expansionary fiscal policy.
B) balancing the budget in the midst of a depression would be a serious mistake.
C) inflation is always and everywhere a monetary phenomenon.
D) the Phillips curve is stable.
E) none of the above
B
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The Clayton Act is an antitrust law that was passed to
A) outlaw monopolization. B) prohibit charging buyers different prices if the result would reduce competition. C) address loopholes in the Sherman Act. D) toughen restrictions on mergers by prohibiting mergers that reduce competition.
Suppose that X and Y are substitutes. If the price of Y increases, how will this change the market equilibrium for X?
a. Equilibrium price and quantity both decline. b. Equilibrium price declines, and equilibrium quantity rises. c. Equilibrium price rises, and equilibrium quantity falls. d. Equilibrium price and quantity both rise.