Using the impartial spectator tool, one arrives at normative judgments based on your estimation of:
A. the goals of those individuals most harmed by the policy being considered.
B. the best science available.
C. your own normative judgments.
D. what the blended judgment of all members of society would arrive at.
Answer: D
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An excess demand for money exists if the interest rate is below the equilibrium rate
a. True b. False
The more human capital you have, the more likely you will:
A. be unemployable. B. not benefit from specializing. C. earn more money. D. All of these are true.
An economy with only a domestic sector is called:
A) a mixed economy. B) an open economy. C) a closed economy. D) a command economy.
The expenditure multiplier in the ISLM framework is smaller than that derived from the simple Keynesian model because
A) velocity is always assumed to be constant. B) the economy is assumed to be in the liquidity trap. C) the aggregate supply curve is assumed to be horizontal. D) the LM curve is assumed to have a positive slope.