Normative statements are
a. prescriptive, whereas positive statements are descriptive.
b. descriptive, whereas positive statements are prescriptive.
c. backward-looking, whereas positive statements are forward-looking.
d. forward-looking, whereas positive statements are backward-looking.
a
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When the multiplier is ________, an autonomous decrease in investment of $200 billion decreases equilibrium real GDP by $400 billion
When the multiplier is ________, an autonomous decrease in investment of $200 billion decreases equilibrium real GDP by $800 billion. A) 2.0; 4.0 B) 0.4; 0.2 C) 0.2; 0.4 D) 4.0; 8.0 E) $400 billion; $800 billion
The concept of economic rent is associated with the economist
A) Adam Smith. B) Karl Marx. C) David Ricardo. D) Henry George.
By owning common stock in a corporation, one has the right to
a. a position on the board of directors b. a job with the company c. help manage the company d. vote at shareholder meetings e. a guaranteed profit
A. tendency for policies with high short-run benefits to have high long-run costs. B. fallacy that what is true for the short run must be true for the long run. C. tendency to regularly misjudge in the present what you will do in the future. D.
tendency to misjudge how long it will take to accomplish a future task. A. Time inconsistency. B. Availability heuristic. C. Self-serving bias. D. System 2 processes dominating decision making.