Chapter 1: Q 15. (page 25)
How did John Maynard Keynes define economics?
John Maynard Keynes defines economics as a method of thinking rather than a doctrine.
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What is globalization? How do you think it might have affected the economy over the past decade?
The main reason that some nations have higher average living standards than others is that
A. the richer nations have exploited the poorer ones.
B. the central banks of some nations have created more money.
C. some nations have stronger laws protecting worker rights.
D. some nations have higher levels of productivity.
What are the two main causes of market failure? Give an example of each.
Can you think of ways that globalization has
helped you economically? Can you think of ways that it
has not?
If a nation has high and persistent inflation, the most likely explanation is
A. the central bank creating excessive amounts of money.
B. unions bargaining for excessively high wages.
C. the government imposing excessive levels of taxation.
D. firms using their monopoly power to enforce excessive price hikes.
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