Many disagreements among economists result because:
A) economists deal only with positive economics.
B) economists sometimes make normative judgments.
C) economics is a social science.
D) economics deals so much with theories and models.
Ans: B) economists sometimes make normative judgments.
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When a good is both rivalrous and nonexcludable the:
A. good is likely an artificially scarce good. B. good is likely a private good. C. free rider problem may arise. D. tragedy of the commons may arise.
Credit cards are
A. Included in both the M1 and M2 definitions of the money supply B. Included in the M1 definition of the money supply, but not in the M2 definition C. Included in neither the M1 definition of the money supply nor in the M2 definition
During the late 1990s, Japan experienced reductions in the GDP deflator. Given this information, we know with certainty that
A) real GDP fell during these periods. B) real GDP did not change during these periods. C) the overall price level in Japan decreased during these periods. D) both real GDP and the overall price level decreased during these periods.
Ricardian equivalence suggests that forward looking households ________ the future taxes required to pay off government debt, so that reductions in lump-sum taxes have ________ effect on the economy
A) fully anticipate; a multiplied B) fully anticipate; no C) are unaware of; a negative D) are unaware of; a positive