In evaluating policy effectiveness, economists rely on:
A. positive analysis.
B. Economists can never fully analyze any real-world policy effectiveness.
C. normative analysis.
D. both normative and positive analysis.
Answer: D
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An economy with an expansionary gap will, in the absence of stabilization policy, eventually experience a(n) ________ in the inflation rate, leading to a(n) ________ in output.
A. decrease; increase B. increase; increase C. decrease; decrease D. increase; decrease
About how many malnourished children under age five are there in the developing world?
a. 20 million b. 150 million c. 500 million d. 1 billion e. 2 billion
A common unscrupulous financial practice of railroad promoters (and the basis of the Credit Mobilier scandal) involved
a. federal tax evasion. b. "insider" ownership of railroad construction companies. c. sales of worthless railroad bonds to unwitting buyers. d. insurance fraud.
Economics is as much art as it is science
a. True b. False