Which of the following is presented in the text as an issue about which reputable economists might disagree?
A. The definition of a market transaction
B. The impact on the federal budget of an increase in military spending
C. Whether unemployment rose significantly during the Great Recession
D. Whether the government should provide more scholarship funds
Answer: D
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Explain the concept of causation with the help of a simple real-life example
What will be an ideal response?
Input demand is called derived demand because
a. demand for an input is derived from demand for the product or service it produces. b. demand for an input is derived from its availability in the input market. c. demand for the output produced is also derived from consumer demand. d. input demand actually determines how much output is produced.
The short-run Phillips curve is based on the assumption of: a. a direct relationship between the inflation rate and unemployment. b. an inverse relationship between the inflation rate and unemployment. c. no relationship between the inflation rate and unemployment
d. a permanent trade-off between the inflation rate and unemployment.
Suppose that the consumer price index (CPI) was 160 in 2010 and 166 in 2011, inflation during 2011 was
a. zero; prices were stable. b. 3.8 percent. c. 6 percent. d. 66 percent.