The accumulation of scientific evidence can
A. resolve normative disputes.
B. resolve positive disagreements.
C. determine whether one person's gain is more important than another person's loss.
D. always settle disputes over public policy.
B. resolve positive disagreements.
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Behavioral economics
a. helps explain why economic decision makers maximize either utility or profit b. assumes that people behave "as if" they are maximizing something. c. is a subfield of economics, but one that is rejected by most economists d. explains why irrational behavior is better than typically "rational" behavior. e. points out that some human behavior is not consistent with any type of maximization
When the Federal Reserve purchases treasury securities in the open market,
A. The sellers of such securities by new securities in the open market and there is an increase in bank reserves B. The sellers of such securities deposits the funds in their banks and bank reserves increase C. The buyers of those securities pay for them with checks drawn on their bank account and bank reserves increase
Which of the following is false?
A. The completion of the national railroad network by 1890 led to the development of a national American market rather than just a series of smaller regional markets. B. Northern manufacturers benefited from high protective tariffs, which kept out cheaper British goods. C. The U.S. was the first mass-consumption society. D. Aside from slavery, southern and northern agriculture were very similar.
The difference between gross domestic product (GDP) and gross national product (GNP) is that GDP:
A. excludes exports and imports while GNP does not. B. includes exports and imports while GNP does not. C. measures the economic activity of all the people and businesses of a country, while GNP measures the economic activity that occurs within a country. D. measures the economic activity that occurs within a country while GNP measures the economic activity of all the people and businesses of a country.