Which of the following statements is correct about the extent of disagreement among economists?
a. There is a great deal of agreement among economists on virtually every economic issue.
b. There is a great deal of agreement among economists on many important economic issues.
c. All disagreements among economists are attributable to differences in their values.
d. All disagreements among economists are attributable to the fact that different economists have different degrees of faith in the validity of alternative economic theories.
b
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When city beautification programs are funded privately: a. only contributing citizens are likely to benefit from a more beautiful city
b. only free riders are likely to benefit from a more beautiful city. c. an underallocation of resources toward the beautification project is likely to occur relative to what is socially efficient. d. none of the above
Before the Great Depression of the 1930s, most economists believed that
a. only active government policy could prevent recessions or inflation. b. a capitalist economy had a natural tendency to cure recessions or inflation. c. a capitalist economy had a natural tendency to inflation. d. recessions and depressions were inevitable until the economy broke down completely.
Price indexes:
A. let us measure how much real stuff we get for our money. B. allow us to convert nominal measures of output into real measures of output. C. like the CPI or GDP price deflator are used to measure the aggregate price level. D. All of these statements are true.
Unemployment that results from the seasonal pattern of work in specific industries is
A. frictional unemployment. B. structural unemployment. C. cyclical unemployment. D. seasonal unemployment.