Which of the following is true regarding a normative statement?
i. It uses the ceteris paribus assumption.
ii. It is a value judgment.
iii. It accounts for opportunity costs.
A) i and iii
B) ii and iii
C) i only
D) ii only
E) i, ii, and iii
D
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Based on the data in the table above, the efficient level of output equals
A) 550 units. B) 600 units. C) 650 units. D) 700 units.
Using Scenario 1 what would happen to your budget constraint if suddenly you discovered an extra 10 hours in your schedule that you could use to study
What would happen to the slope of the budget constraint? What would happen to the positioning of the budget constraint?
Labor productivity can increase without capital deepening with changes in
a. saving b. technology c. the quality of natural resources d. the natural resource base e. the capital-labor ratio
The ratio of the marginal utility of tea to the marginal utility of scones is six for an individual maximizing utility. This implies that
A. a scone is six times more valuable than a cup of tea. B. the tea to scones price ratio is six to one. C. this person always eats scones with tea. D. the tea to scones price ratio is one to six.