A sub-discipline of economics that looks at the economy as a whole is:
a. macroeconomics.
b. microeconomics.
c. positive economics.
d. normative economics.
e. impossible to model.
a
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Joe Doakes is running for reelection. Economic theory predicts he has a strong incentive to
A) heavily discount the value of all future costs of his policies. B) try to provide as many benefits to his constituents as possible prior to the next election day. C) do both A and B above. D) do none of the above.
To help developing nations strengthen their international competitiveness, many industrial nations have granted tariff reductions to developing nations under the
A) international commodity agreements program. B) multilateral contract program. C) generalized system of preferences program. D) export led growth program. E) import substitution policy.
For a typical product, an increase in consumer income will cause the market demand for the product to
a. decrease, which is a shift to the left of the demand curve. b. decrease, which is a shift to the right of the demand curve. c. increase, which is a shift to the left of the demand curve. d. increase, which is a shift to the right of the demand curve.
In the United States there is evidence of:
A. increasing was equality. B. a decline in real wages. C. a decrease in the proportion of the population over the age of 16 that is employed. D. increasing wage inequality.