Which type of economists rely on the widest array of models?
A. Formal
B. Traditional
C. Modern
D. Keynesian
Answer: C
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The economic role of the legal system might best be described as
A) promoting the productive efficiency of competitive markets. B) identifying and producing public goods. C) establishing the "rules of the game" and acting as a referee when disputes arise among market participants. D) identifying and producing merit goods.
Final sales plus changes in inventories equals GDP.
Answer the following statement true (T) or false (F)
The economy pictured in the figure below has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; B B. recessionary; C C. recessionary; A D. expansionary; A
Thomas Malthus's predictions turned out to be wrong due to
a. technological advances such as those during the Industrial Revolution. b. smaller populations now than in the time of Malthus. c. the effects of brain-drain. d. unlimited natural resources.