Economic analysis is useful in resolving all of the following types of issues EXCEPT:
A. positive.
B. normative.
C. monetary policy.
D. fiscal policy.
Answer: B
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A monopolist will operate in the short run if which of the following is above average variable cost?
a. Marginal cost. b. Marginal revenue. c. Price. d. All of these.
The circular flow model illustrates that aggregate spending in the product markets equals 70 percent of aggregate income earned in the factor markets
a. True b. False Indicate whether the statement is true or false
The task of deciding which consumer gets each of the goods produced in a free-market economy is solved by
A. the price system. B. the industries that produce the goods. C. the central planners. D. citizens with political power.
When estimating a short-run production function of the form Q = AL3 + BL2, it is necessary to specify in the computer routine that
A. B > 0. B. A < 0. C. the intercept term is forced to equal zero. D. a and b E. all of the above