Which of the following is true? I. A rational choice is always made in the pursuit of social interest. II. Economics is a social science. III. Economists try to understand how the economic world works by testing positive statements.
A. A rational choice is always made in the pursuit of social interest.
B. ii and iii
C. only i
D. only ii
E. only iii
F. i and ii Reset Selection
Answer: B. ii and iii
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Bobby was researching the economic growth of a country between 2006 and 2011. Using 2006 as the base year, he calculated a twelve percent increase for real GDP and a ten percent increase for nominal GDP. His results indicate that
A) he made an error when calculating nominal GDP. B) the quantity of goods and services produced decreased over the period. C) the quantity of goods and services produced increased and prices decreased over the period. D) the quantity of goods and services produced and prices both decreased over the period. E) the quantity of goods and services produced did not change and prices decreased over the period.
Countries that use the euro as their currency face similar concerns as countries did during the years of the gold standard in that each are (were)
A) using a floating currency. B) unable to conduct fiscal policy. C) unable to conduct monetary policy. D) using currency which is backed by gold.
Recessionary gaps are most likely to be accompanied by
a. inflation. b. inventory reductions. c. unemployment. d. expanding output.
Government purchases in national income accounts would include expenditures for payments of:
a. Salaries for current U.S. military officers b. Public assistance for welfare recipients c. Social Security checks to retirees d. Public assistance for military veterans