Which of the following is NOT a reason why economists usually work with mathematical models?
A. Because most economic choices are quantitative in nature.
B. Mathematical models can provide precision, while quantitative models cannot.
C. Mathematical modeling imposes intellectual rigor.
D. Mathematical models can be used to settle disputes over normative economic questions.
D. Mathematical models can be used to settle disputes over normative economic questions.
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Which of the following does not correctly characterize modern economic growth?
A. It has occurred only in the last 200 or so years. B. It has not affected the average lifespan of human beings. C. It drastically alters the culture and politics of society. D. It spread slowly across the globe, with some societies not having experienced it yet.
The most frequently used tool of monetary policy is
A. the discount rate. B. reserve requirements. C. open market operations. D. moral suasion. E. credit controls.
When the housing bubble popped, the effect of the negative demand side shock and the negative supply side shock were the same on:
A. output, causing it to definitely decrease. B. prices, causing them to definitely rise. C. output, causing it to definitely increase. D. prices, causing them to definitely fall.
Ceteris paribus means
A) all men are created equal. B) wage parity between men and women is a worthy goal. C) there are an infinite number of factors affecting each human decision and they change all the time. D) economists isolate one or two factors that change when analyzing human decisions.