Normative economics deals with
a. how the economy actually works
b. how a change in government budgets affects the price level
c. how prices are determined in specific markets
d. value judgments
e. the historical growth of an economy
D
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Adam Smith believed that markets coordinated the self-interests of consumers.
Answer the following statement true (T) or false (F)
A supply schedule can be plotted on a graph to yield a supply curve.
Answer the following statement true (T) or false (F)
In some countries, prices in stores are listed in terms of U.S. dollars, rather than in units of the local currency. That's most likely because
A) the country's political system is unstable. B) interest rates are higher using U.S. dollars than using the local currency. C) there is no other store of value. D) the country has experienced high rates of inflation.
The coordinates of point A are 400 units of X and 40 units of Y. The coordinates of point B are 480 units of X and 60 units of Y. With X on the horizontal axis and Y on the vertical axis, the slope of the line between points A and B is
A) + 0.25 B) + 4.00 C) + 0.33 D) - 4.00 E) - 0.25