Why is the debate between the international dependence and the neoclassical counter-revolution schools referred to as "finger pointing?"
What will be an ideal response?
The text stresses that most members of the former school tend to be developing country economists, while most members of the latter school are developed country economists. The former blames underdevelopment on policies adopted by the developed countries, while the latter blames policies adopted by the developing countries.
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If market participants notice that a variable behaves differently now than in the past, then, according to rational expectations theory, we can expect market participants to
A) change the way they form expectations about future values of the variable. B) begin to make systematic mistakes. C) no longer pay close attention to movements in this variable. D) give up trying to forecast this variable.
When detailing the impact of monetary policy, a Keynesian econometric model is likely to emphasize the link between
A) interest rates and investment. B) the money supply and inflation. C) velocity and economic growth. D) aggregate supply and the money supply.
Olive Oil Spain is the world's number 1 producer of olive oil, mostly in the southern Andalusia region. But very dry weather there has ravaged olive trees. What affect will the poor weather have on the olive oil market?
A budget surplus is the:
A. amount of money a government spends beyond the net revenue it brings in. B. amount of net revenue a government brings in beyond what it spends. C. total amount of money that a government owes. D. total amount of money that a government receives from a tax increase.