Economic models cannot take the form of
A. equations.
B. words.
C. graphs.
D. actual duplication of observed conditions.
Answer: D
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The M2 measure of money consists of the sum of:
A. currency, checking and savings deposits. B. M1, savings deposits, small time deposits, and money market mutual funds. C. savings deposits, small time deposits, and money market mutual funds. D. currency, checking and savings deposits, and small time deposits.
Sofia, a political science student, thinks that the government should intervene to revive declining industries like video rentals and print newspapers
The government, she reasons, can resolve the coordination problem of getting the agents in these markets to trade. Do you agree with her? Explain your answer.
Which of the following groups believes that government policy is undermined by people's incorporation of the anticipated consequences of the policy into their present decisions?
A. monetarist school B. Keynesian school C. supply-side school D. rational expectations school
Under the Bretton Woods system, devaluation was
A. normal. B. routine. C. rare. D. a last resort.