The economist who recognized that lags in policy can explain the difficulty in conducting monetary policy was
A) Adam Smith.
B) John Nash.
C) Milton Friedman.
D) Joseph Schumpeter.
C
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A tax is progressive if the average tax rate
A) increases as income increases. B) increases as income decreases. C) is negative. D) is positive.
In the past, there was a strong correlation between ice cream consumption by children and polio cases for children. There was not a causal relationship due to:
A. a common underlying omitted variable. B. reverse causality. C. accounting fraud practiced by Baskin Robbins. D. an infection present in cherries.
Use the following two statements to answer this question:
I. Economic theories are developed to explain observed phenomena by deducing from a set of basic rules and assumptions. II. Economic theories use value judgments to determine which people ought to pay more taxes. A. Both I and II are false. B. I is false, and II is true. C. I is true, and II is false. D. Both I and II are true.
________ on an indifference curve that is farther from the origin ________ on an indifference curve that is closer to the origin
A) Some combinations; are preferred to some combinations B) Any combination; is preferred to any combination C) Most combinations; are preferred to all combinations D) Combinations; are not as affordable as combinations