John Maynard Keynes and Friedrich Hayek
a. had similar views with regard to the cause of the Great Depression and what might be done to prevent it from happening again.
b. both believed that perverse monetary policy was the primary cause of the ups and downs of the business cycle.
c. both believed that budget deficits and surpluses could be used to smooth the ups and downs of the business cycle.
d. had polar opposite views with regard to the underlying causes of economic booms and bust, but nonetheless their scholarly work commanded widespread respect among economists.
D
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Other things remaining same, a left shift in the demand curve will lead to:
A) an increase in the equilibrium price and the equilibrium quantity. B) a decrease in the equilibrium price and the equilibrium quantity. C) a decrease in the equilibrium price and an increase in the equilibrium quantity. D) an increase in the equilibrium price and a decrease in the equilibrium quantity.
According to some economists, the private sector is more efficient than the public sector mainly because:
A. the private sector has a clear test of performance: profit and loss. B. wages, salaries, and fringe benefits are higher in the private sector. C. worker turnover is higher in the public sector. D. of extensive negative externalities in the public sector.