Which of the following statements is false?
A) Keynes believed that monopolistic elements in the economy will prevent immediate price declines.
B) Keynes believed that during periods of high unemployment, labor unions will prevent wages from falling fast enough to restore full employment.
C) Keynes believed that interest rate flexibility will ensure that saving is equal to investment.
D) Keynes did not believe in Say's law.
C
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Total cost includes
A) the cost of variable resources only. B) the cost of fixed resources only. C) the cost of both variable and fixed resources. D) the cost of neither variable nor fixed resources. E) all explicit costs and all the implicit costs that actually must be paid using money.
Compared to the rest of the industrial world, the United States' tax revenues
a. as a percent of GDP is the lowest b. as a percent of GDP ranks among the highest c. as a percent of GDP ranks among the lowest d. as a percent of GDP is the highest e. is the lowest