The debate over how governments should respond to deep economic downturns is difficult to resolve with hard empirical evidence because:
A. deep economic downturns are rare events, so there isn't a lot of relevant data.
B. there's so much data that it's difficult to draw meaningful conclusions.
C. few economists are interested studying economic downturns.
D. most economists are only interested in economic theory.
Answer: A
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Economists view shifts of supply and demand as
a. unusual events that call for government intervention b. unusual events resulting from the failure of the price to fall c. normal and frequent events d. normal and frequents events that do not affect equilibrium prices e. normal and frequent events that result from government intervention
Microeconomics is concerned with individual performance as well as the economy as a whole.
Answer the following statement true (T) or false (F)