Large federal budget deficits _____
Fill in the blank(s) with the appropriate word(s).
make it difficult to use discretionary fiscal policy
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Which of the following best describes an argument for convergence?
a. The development of new human capital can provide a way for an economy to sidestep the diminishing marginal returns of capital deepening. b. The development of new technology can provide a way for an economy to sidestep the diminishing marginal returns of capital deepening. c. The development of new physical capital can provide a way for an economy to sidestep the diminishing marginal returns of capital deepening. d. The development of new financial capital can provide a way for an economy to sidestep the diminishing marginal returns of capital deepening.
Which of the following statements is true?
a. Economic theory does not make unrealistic assumptions. b. Economists should not ignore details while focusing on complex problems. c. Abstraction forms an important part of economic analysis. d. The word theory means same for both economists and laymen.
The economic theory of labor markets suggests that wages are determined by labor supply and labor demand
a. True b. False Indicate whether the statement is true or false
An argument in favor of free trade is that trade barriers force consumers to pay higher prices for protected products than they would otherwise pay.
Answer the following statement true (T) or false (F)