Policy-oriented economists seek to develop theories to
a. explain how things work so policies can be formulated.
b. describe what happened in a particular time period in history.
c. describe current economic events.
d. find correlations between events.
e. change people's values and ethics.
a
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The United States was running a large balance-of-trade deficit
a. during the Depression years of the 1930's. b. in the years following World War II. c. in the early 1960's. d. from the late 1970's through the 1990's.
When a tariff is removed from an imported product, which of the following will occur?
A. The demand curve for the imported product will shift to the right. B. The level of imports will fall. C. The supply curve for the imported product will shift to the left. D. The price paid by consumers will fall.
Higher resource prices shift the...
What will be an ideal response?
Answer the following statements true (T) or false (F)
1. Macroeconomics is concerned with the study of the nation-wide market for specific goods like oranges. 2. The comment that "taxes must be reduced for the good of the economy" is an example of a normative economic statement. 3. "The role of government in the economy should be kept to a minimum" is an example of a positive economic statement. 4. The economizing problem for individuals arises from the conflict between having relatively unlimited time and relatively limited jobs to do.