Who is associated with the following summary of the economic way of thinking: "The theory of economics does not furnish a body of settled conclusions immediately acceptable to policy. It is a method rather than a doctrine, an apparatus of the mind, a technique of thinking which helps its processer draw correct conclusions."
A. John Maynard Keynes
B. Alfred Marshall
C. Adam Smith
D. President Harry Truman
Answer: A
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According to Okun's Law, if the annual growth rate of real GDP is 2.5%, the unemployment rate is likely to ________
A) increase by 0.25% B) decrease by 1% C) increase by 2.5% D) decrease by 0.5%
Explain why the rates of death due to kidney disease and diabetes have slightly increased in the United States since 1981
What will be an ideal response?
If a tax is levied on the sellers of a product, then the demand curve will
a. shift down. b. shift up. c. become flatter. d. not shift.
A firm currently employs four workers in a sandwich shop, and produces sandwiches at a total cost per sandwich (ATC) of $3. The sandwiches sell for $5. If the marginal cost of hiring another worker to produce sandwiches is $5.50 per sandwich, then:
A. it will cost $5.50 to make another sandwich, which can only be sold for $5. B. the firm should not hire a fifth worker. C. the firm will lose $0.50 per sandwich if it hires another worker. D. All of these are true.