Economists will always reach the same conclusion in their positive analyses.
Answer the following statement true (T) or false (F)
False
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Of the following, who gains from a tariff?
A) the government of the importing country B) the government of the exporting country C) consumers in the importing country D) producers in the exporting country E) both the government of the exporting country and the government of the importing country
Using the data in the above table, suppose imports equal $250 billion and investment equals $1,000 billion. Hence government expenditure equals
A) $1,000 billion. B) $750 billion. C) $500 billion. D) $250 billion.
The law of supply states that
a. as prices increase, quantity supplied decreases. b. price changes are always in the same direction as supply changes. c. a change in price causes a change in supply. d. price and quantity supplied are positively or directly related.
John Maynard Keynes and his followers argued that
a. the classical model does a good job of explaining the economy's operation in both the short run and long run b. the short run is unimportant so economists should focus their attention on the long run c. the economy should be allowed to function with minimal government interference d. the economy operates the same way in both the short run and long run e. while the classical model might explain economic performance in the long run, the long run could take a long time to reach