How did the influential economist John Maynard Keynes explain his remark that though economics is an easy subject compared with the higher branches of philosophy or pure science, it is a subject at which few excel?
a. Most people who study economics are not very bright.
b. Good economists must possess a rare combination of gifts.
c. Economics is quite boring; hence, people tend to lose interest in it before mastering it.
d. Good thinkers become frustrated with economics because it does not make use of the scientific method.
b
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The negative supply shock of 2007, compared to the shocks in 1973 & 1979, involved ________
A) a larger decrease in aggregate demand B) larger decreases in the real interest rate C) smaller decreases in aggregate supply D) larger increases in the real interest rate
A downward-sloping straight line exhibits a direct relationship between two variables
a. True b. False Indicate whether the statement is true or false
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A) the nominal rate has always been less than the real rate. B) whenever the nominal rate rises, the real rate falls, and vice versa. C) the nominal rate has varied, but the real rate has not. D) the real rate has varied, but the nominal rate has not. E) the real rate has always been less than the nominal rate.
One of the major benefits to society of monopolistic competition is
A) high prices. B) restricted output. C) product differentiation. D) the excess capacity. E) the marku