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Match the following: Adam Smith David Ricardo John Maynard Keynes Choices: (2 are not used.) a. founder of modern market econ
se the following information for the next two question produce 3 tons of potatoes per day o the next two questions: the U.S.
16. Page 82 of the reading Introducing Keynesian Econ e reading Introducing Keynesian Economics shows a group of people da
23. A productivity increase makes cost-push inflation more likely. a. true false 24. a. b. What do fiscal and monetary policy
Sand Patrono, Chapters 7-9 & 11.13 & Chapter 10 b. C. d. Questions from Mathews and Patrono, Chap (pp. 233-236). Answer per d
a. 28. Which school of thought puts the least emphasis on the redistribution on income to enhance the goal of equity/equality
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Answer #1

Answer 4.

2. Adam smith- founder of modern market economics

3. David Ricardo- comparative advantage argument for mutual benefits of international trade

4. John Maynard keynes -founder of modern macroeconomics

Reason- Adam smith is known as father of modern economics. Keynes is father of moder macroeconomics and Ricardo is famous for Ricardian theory.

Answer 5. D. Both a and b are correct

Reason- A firm can decrese the price or increase the demand by advertisement or discount etc. To increase the supply.

Answer 6. D. Perfect knowledge

Reason- Perfect competitive market has the assumption of perfect knowledge where both buyers and sellers have perfect knowledge about the product.

Answer 7. C. Because Society at some point may value

Other public services more than medical care

Reason- MC =MB condiion also tells us that as we keep on consumption more of a good the additional benefit falls and additional cost keeps on rising. So too much of medical care service is also not good for a society as people need other services also and the budget is limited.

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