Why is macroeconomic forecasting so difficult? Does this difficulty mean economics is a worthless field of study?
What will be an ideal response?
Forecasting is difficult because our understanding of how the economy works is imperfect and because it's impossible to take into account all the factors that might affect future economic trends. This just means the field of economics is difficult and complex, not that it's worthless.
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Cartels are: a. difficult to organize
b. difficult to preserve. c. especially unlikely to succeed if the members sell many varied products. d. all of the above.
The economy pictured in the figure has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; A B. recessionary; C C. recessionary; B D. expansionary; A
The market demand for fish represents the
a. sum of all individual demands for fish b. specific quantities consumers will buy, given the market-day supply c. relationship between price and quantity of fish demanded by a consumer on the fish market d. maximum quantity consumers will buy, given the limitations of their income e. changing tastes of consumers
Assume that average labor productivity is the same in each country. Based on the information in the table, which country has the smallest real GDP per capita?CountryPopulation (millions)Share of Population Employed (%)A10060B15055C7550D25045E9540
A. Country B B. Country D C. Country A D. Country E