Which of the Following Nobel Laureate Economists Is Against the Use

question 43

Multiple Choice

Which of the following Nobel laureate economists is against the use of discretionary fiscal policy?

• A)Milton Friedman.
• B)James Tobin.
• C)John Maynard Keynes.
• D)Paul Krugman.
• E)All of these favor discretionary fiscal policy.

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Definitions:

Step-Wise Costs

Costs that remain fixed over a range of activity but will increase in a step-like manner when a certain threshold is reached.

Break-Even Points

The volume of production or sales at which total revenues equal total expenses, resulting in no net profit or loss, used for financial analysis and planning.

Break-Even Point

The financial stage where total revenues equal total expenses, resulting in neither profit nor loss.

Direct Labour Costs

The wages and other expenses directly tied to the manufacturing of products or services, including wages of workers directly involved in production.