The art in scientific thinking is
a. finding the right problem to study.
b. deciding which assumptions to make.
c. the ability to make an abstract subject easy to understand.
d. not something in which economists have to be skilled.
b
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Since Ditto can always be expected to choose the same activity as Dot in the copycat game
a. any move by Dot to escape from Ditto would not be a Pareto improvement. b. any move by Dot to escape from Ditto would be a Pareto improvement. c. Ditto's choice to follow Dot is a Pareto improvement over going by himself. d. Ditto's choice to follow Dot would be a Pareto improvement over playing by himself so long as Dot does not move.
A decrease in cyclical unemployment will
A) shift the short-run Phillips curve to the left. B) shift the long-run Phillips curve to the left. C) decrease the natural rate of unemployment. D) All of the above are correct. E) None of the above is correct.
In terms of aggregate supply, the difference between the long run and the short run is that in the long run:
A. the price level is variable. B. employment is variable. C. real output is variable. D. nominal wages and other input prices are fully responsive to price-level changes.
Output can increase if the workweek is extended.
Answer the following statement true (T) or false (F)