Many disagreements with economists result because
A. economists deal with only positive economics.
B. economists sometimes make normative judgments.
C. economics is a social science.
D. economics deals so much with theories and models.
Ans: B. economists sometimes make normative judgments.
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When the Fed changes the quantity of money, there is an immediate effect on
A) the inflation rate but not the price level. B) the nominal interest rate. C) real GDP. D) the price level and the inflation rate. E) the price level but not the inflation rate.
A change in taxes of a given amount shifts the consumption function vertically by ____ than that amount, because the marginal propensity to consume is ____
a. less; less than 1 b. greater; greater than 1 c. greater; always equal to 1. d. less; equal to zero.