Who is associated with the following summary of the economic way of thinking: "The theory of economics does not furnish a body of settled conclusions immediately acceptable to policy
It is a method rather than a doctrine, an apparatus of the mind, a technique of thinking which helps its processer draw correct conclusions."
A) Adam Smith B) John Maynard Keynes
C) President Harry Truman D) Alfred Marshall
B
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Suppose that you desperately need a grade of "A" from your International Finance course and further suppose that it depends upon the grade that you will get from the term paper that you write on PPP
Let's assume that you know that your teacher believes that PPP holds anytime anywhere. What kind of evidence would you submit that would indicate that PPP holds? In other words, what kind of countries and data would you choose for your analysis to bias the empirical results regarding PPP?
According to Ricardian Equivalence, consumers may not respond to a tax cut ________
A) if that tax cut is directed solely at upper income groups B) if that tax cut is directed solely at lower income groups C) since they understand a tax cut today will lead to a tax increase in the future D) if they lack patriotic fervor