The Keynesian model does a sound job of explaining
a. many recessions and why cyclical unemployment rises and falls.
b. many recessions but not why cyclical unemployment rises and falls.
c. why cyclical unemployment rises and what causes inflation.
d. what causes inflation and why cyclical unemployment rises and falls.
a. many recessions and why cyclical unemployment rises and falls.
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Economists may disagree about how to solve an economic problem because they
A. may not be able to use the same models. B. always make the same value judgments. C. are unable to assemble all of the necessary facts about the economy. D. All of these responses are correct.
How well the group works together is called
a. dynamics b. cohesiveness c. conforming d. norming
When a good is put onto the global market at a price below the cost to produce it, this is known as
A) the infant-industry argument. B) dumping. C) a quota. D) protection of domestic jobs.
Changes in production functions are associated with changes in
A) the level of output. B) demand. C) the levels of costs. D) technology.