Prior to the 1972 election, many economists believed that th…

Prior to the 1972 election, many economists believed that the economy was close to potential output (Point A in the graph below). It is rumored that President Nixon pressured the  Federal Reserve Chairman Arthur Burns to use expansionary monetary policy (autonomous easing of the money supply) to make employment numbers look even better going into the election. A few years later, the oil shortage hit the United States, causing a significant supply shock. Which of the following explains why Nixon’s pressure on Burns was a bad idea in the long-run?

6. Sonny, a high school junior, has a somewhat difficult tim…

6. Sonny, a high school junior, has a somewhat difficult time in school compared to his peers, particularly with abstract math problems and literary symbolism. He tries hard but struggles with abstract concepts that other students pick up fairly quickly. Sonny is a much better musician than his peers. He practices long hours to improve his singing, guitar playing, and songwriting. Sonny is very skilled at working with people; during playground basketball games, he serves as a referee and arbitrator. According to Gardner’s theory of intelligence, which of the following statements is most valid?