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) Adam Smith B) John Maynard Keynes
C) President Harry Truman D) Alfred Marshall
B
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What is the voting paradox?
A) people are aware that their votes will not change the political outcome since these outcomes are predetermined by a group of influential politicians B) the observation that majority voting may not always result in consistent choices C) the observation that less than 60 percent of those eligible to vote actually vote D) the idea that wealthy corporations are able to sway politicians to act in ways contrary to the desires of the majority
The idea behind clustering is that each part of a network is ___________ productive operating in isolation, so if governments can push each element of the cluster in unison, they should realize ___________ in productivity.
A. far more; huge gains B. far less; huge losses C. far less; huge gains D. far more; huge losses
Between 1994 and 2004, the monthly charge for cellular phone service decreased from $120 per month to $30 per month. At the same time, the number of subscribers increased from less than 10 million to more than 75 million. Which of the following provides the best explanation for these changes?
a. an increase in consumer income between 1994 and 2004 b. a reduction in the price of residential phone service, a substitute for cellular phone service c. an increase in the wages of workers in the cellular phone industry d. technological improvements that reduced the cost of supplying cellular phone service
Consider the economy of Burgerland, which only produces hamburgers. If the velocity of money is 25, the price of a hamburger is $5, and the quantity of money in the economy is $500, how many hamburgers did Burgerland produce?
a. 2,000 b. 2,500 c. 2,750 d. 3,000