What type of questions can be answered with economic tools without interjecting any value judgment as to whether the particular outcome is desirable or harmful?
A. econometric questions
B. labor questions
C. normative questions
D. public policy questions
E. positive questions
Answer: E
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Refer to the table above. The marginal product of workers falls below zero when the ________ worker is hired
A) first B) fourth C) sixth D) seventh
A lower tariff on imported steel would most likely benefit
A) foreign producers at the expense of domestic consumers. B) domestic manufacturers of steel. C) domestic consumers of steel. D) workers in the steel industry. E) foreign consumers of steel.
When the Fed sells bonds in the open market, interest rates _______ and aggregate demand shifts to the _______.
A. Rise; left B. Rise; right C. Fall; left D. Fall; right
Which of the following would increase the gap in wages between skilled and unskilled workers?
A) less technological progress of the kind we've experienced in the past 15 years B) new types of production technology that require workers to have more skills C) an increase in the costs of going to college D) all of the above E) none of the above