The believer in policy ________ must be pessimistic about the ability of the private economy to self-stabilize and ________ about the accuracy of economic forecasting
A) activism, pessimistic
B) activism, optimistic
C) rules, pessimistic
D) rules, optimistic
B
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Thomas Jefferson strongly influenced the passing of the Land Ordinances of 1785 and 1787
A close study of those ordinances suggests that Jefferson believed in the importance of securing the private rights of individuals to buy, sell and derive income from their land. Indicate whether the statement is true or false
Which of the following is an example of a normative statement?
A. The American Recovery and Reinvestment Act should not have been passed during the Great Recession. B. Unemployment soared to 25 percent during the Great Depression. C. An increase in alcohol taxes will reduce the number of drunk driving accidents. D. Great Britain has fewer hospital beds per capita today than they did in 1948.
Marginal utility is negative only when quantity demanded is negative
a. True b. False
As extraction of a nonrenewable resource increases, the supply curve shifts up because:
a. more substitutes become available. b. competition among the existing suppliers intensifies. c. the marginal cost of extracting any given amount increases. d. the resource finds alternative usage. e. the resource becomes less productive.