The economic way of thinking is
A) a biased perspective at the present time, and we should eliminate bias from economics.
B) a biased perspective, but the existence of bias does not mean the discipline should be condemned.
C) biased only when it is used to argue for particular policies.
D) unbiased because economics is a science.
E) unbiased insofar as its conclusions are drawn exclusively from actual facts.
B
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If you take out a mortgage with a nominal interest rate of 8% and you expect the inflation rate to be 2%, but the actual inflation rate turns out to be 8%, then you end up paying a real interest rate of
A) 0%. B) 1%. C) 2%. D) 6%.
On the graph above, unplanned inventory investment is negative at point ________
A) A B) B C) G D) H E) none of the above
One of the cash items included on the asset side of banks' balance sheets is reserves. What makes up reserves and what is their purpose?
What will be an ideal response?
Economic growth in the U.S. since 1950 has been characterized by:
A. An average growth rate in real GDP that is slower than the growth rate of the population B. A quadrupling of real GDP from 1950 to 2012 C. An average growth rate in real GDP that is faster than the growth rate of the population D. An average growth rate in real GDP per capita of about 6% per year