Reducing inflation is a more important objective than economic growth" is an example of
a) Normative economics
b) Positive economics
c) Objective economics
d) Reality economics
Answer: a) Normative economics
You might also like to view...
The largest source of the federal tax revenue is ________
A) individual income taxes B) corporate income taxes C) excise taxes D) payroll taxes
How is a competitive firm's demand for labor derived when labor is the firm's only variablefactor of production in the short run?
What will be an ideal response?
Refer to Figure 10-8. If the price of biscotti is $1.50 and the price of a cappuccino is $3.00, what is the slope of the budget constraint?
A) -(3.00 - 1.50 )/(3.00 + 1.50 ) = -1/3 B) -2 C) -1/2 D) The slope cannot be determined without the value of income.
Consider a good with a price elasticity equal to 1 at every point on its demand curve. Which of the following statements is correct?
a. Total revenue always rises exactly in proportion to a drop in the price. b. Total revenue always rises exactly in proportion to a rise in the price. c. Total revenue does not change if the price changes. d. Total revenue drops to zero whenever the price rises. e. Total revenue always doubles if the price drops.