What is the economic way of thinking, and why is it important?
What will be an ideal response?
The economic way of thinking provides a framework for analyzing solutions to economic problems. Since economic problems confront all of us much of the time, knowledge of economics will enable one to arrive at better decisions, and enable one to evaluate many public policy questions in a systematic manner.
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The economist known for his early empirical work supporting the efficient markets hypothesis is
A) Milton Friedman. B) John Muth. C) Eugene Fama. D) Glenn Hubbard.
From a point within the utilities possibilities frontier,
A) movement to another point within the frontier can only increase one person's utility, but not both people's utility. B) it is possible to find another point within the frontier that generates higher utility for both people. C) it is possible to find another point within the frontier that involves higher output of both goods. D) any move to another point within the frontier will necessarily decrease someone's utility.