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Chapter 2 Thinking Like an Economist




Question;57. Some, but not all, government economists are employed within the;administrative branch of government.;Which of the following government agencies employs economists outside;of the administrative branch?;a.;the;Department of Labor;b.;the;Department of the Treasury;c.;the;Congressional Budget Office;d.;the;Council of Economic Advisers;58. Economists who are primarily responsible for advising Congress on;economic matters work in which agency?;a.;the;Federal Reserve;b.;the;Congressional Budget Office;c.;the;Department of the Treasury;d.;the;Department of Commerce;59. Congress relies on economists at the Congressional Budget Office to;a.;enforce;the nation's antitrust laws.;b.;set the;nation?s monetary policy.;c.;provide;evidence that incumbent members of Congress are performing well in their;jobs.;d.;provide;independent evaluations of policy proposals.;60. The President receives economic policy advice from economists at;each of the following except;a.;the;Council of Economic Advisors.;b.;the;Department of the Treasury.;c.;the;Congressional Budget office.;d.;the;Department of Labor.;61. The Federal Reserve;a.;designs;tax policy.;b.;enforces;the nation's antitrust laws.;c.;sets the;nation's monetary policy.;d.;analyzes;data on workers.;62. Economists hold many positions advising the president and Congress;including;a.;being a;member of the Council of Economic Advisers.;b.;helping;to enforce antitrust laws at the Department of Justice.;c.;conducting;research at the Congressional Budget Office.;d.;All of;these are possible positions that economists hold.;63. John Maynard Keynes believed the ideas of economists to be;a.;generally;incorrect.;b.;powerful.;c.;academic;and without practical application.;d.;rantings;of madmen.;64. One difference between a hypothetical benevolent king implementing;the best policy and the president implementing the best policy in the real;world is the president has to be concerned about;a.;any;misunderstandings in communicating the policy to the public.;b.;whether;the policy will affect his standing among different groups in the electorate.;c.;what;amendments will be suggested by members of Congress.;d.;All of;the above are correct.;65. Policymaking in a representative democracy;a.;is;straightforward and does not involve any disagreement.;b.;benefits;from the input of economists, even if their advice is not always followed.;c.;is;conducted without the input of economists.;d.;is;always based exclusively on the results of economic analysis.;66. John Maynard Keynes observed that during rare times of deep;financial and economic crisis, when the ?invisible hand? has temporarily ceased;to function;a.;there is;a more urgent need for government to play an active role in restoring markets;to their healthy function.;b.;government;should avoid intervening in the market and wait patiently for proper market;function to return.;c.;economists;need to re-evaluate all of their basic principles.;d.;the;economy can rely on entrepreneurs to take creative actions to end the crisis.


Paper#55194 | Written in 18-Jul-2015

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