The economic way of thinking is
A) a biased perspective at the present time, and we should eliminate bias from economics.
B) a biased perspective, but the existence of bias does not mean the discipline should be condemned.
C) biased only when it is used to argue for particular policies.
D) unbiased because economics is a science.
E) unbiased insofar as its conclusions are drawn exclusively from actual facts.
B
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The circular flow diagram divides the economy into:
a. Household sector and business sector. b. Real sector and nominal sector. c. Domestic sector and foreign sector. d. Agricultural sector and non-agricultural sector. e. None of the above is correct.
The "crowding-out" effect refers to the fact that
A) fiscal policy cannot be used to shift the IS curve.
B) rising interest rates tend to accompany an expansionary fiscal policy.
C) there may be a liquidity trap.
D) All of these.