Over the past few decades, Milton Friedman was the leading spokesman for
A. monetarism.
B. the rational expectations theory.
C. Keynesianism.
D. new classical theory.
Answer: A
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The economizing problem is essentially one of deciding how to make the best use of
a. limited resources to satisfy limited wants. b. unlimited resources to satisfy limited wants. c. limited resources to satisfy virtually unlimited wants. d. unlimited resources to satisfy unlimited wants.
Which of the following is an example of outsourcing?
a. When production of economics textbooks, management textbooks, and finance textbooks can be done by a single publishing company at lower average cost than by separate publishing companies that specialize in just one topic. b. When a firm produces 600,000 units per month to realize the minimum average cost of producing a unit of output. c. When a firm finds that it is more profitable to contract for certain inputs or functions supplied by others than to produce those inputs or functions itself. d. When a steel company integrates backward to mine iron ore and even the coal used to smelt iron ore.