What branch of economics is concerned with the effects of nutrition labeling on the dietary quality of consumers (i.e., what-if types of questions)?
What will be an ideal response?
Positive economics
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While some supporters of the balanced budget amendment argue that governments should balance their budgets just like households do, which of the following is a valid argument against a balanced government budget?
a. The government has macroeconomic responsibilities. b. The government has microeconomic responsibilities. c. The government is larger than a household. d. Households depend on the government.
Higher unemployment insurance benefits tend to increase unemployment because they
What will be an ideal response?
Which of the following is an accurate statement about a firm operating at a loss?
a. It will stay open in the short run if its total revenue does not cover variable costs. b. It will stay open in the short run if its total revenue covers variable costs but not all fixed costs. c. It will shut down in the short run if its total revenue exceeds variable costs. d. It will shut down in the short run if its total revenue cannot cover both variable and fixed costs.
Federal Reserve actions that increase nominal interest rates and decrease the money supply:
A. raise bond prices. B. close a recessionary gap. C. close an expansionary gap. D. raise the rate of inflation.