Why have social scientists accused economists of being imperialistic?
a. Economists in general are better paid than other scholars.
b. The tools of economists are used in many different fields.
c. Economists tend to have a superior attitude about their field.
d. Politicians view economists as being more important than other scholars.
b. The tools of economists are used in many different fields.
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The increased stability of the financial system in the United States since 1950 can help explain
A) why the United States has only experienced one recession since 1950. B) the severity of the 2007-2009 recession. C) the increase in the gap between potential GDP and real GDP. D) the decrease in severity of business cycle fluctuations.
Consider a technological improvement that raises labor's marginal product. Explain why the subsequent effect on the labor market is different when the improvement is temporary as compared to when it is permanent.
What will be an ideal response?
Mainstream economists support
A. elimination of efficiency wages and insider-outsider relationships. B. the use of fiscal policy for achieving major economic goals. C. adoption of a monetary rule for increases in the money supply. D. the requirement that the government annually balance its budget.
If the percentage increase in the quantity supplied equals the percentage increase in the price, the supply:
A. is perfectly elastic. B. has unit elasticity. C. is elastic. D. is inelastic.