Normative, value-based policy questions or statements give rise to ________________.
a. controversy or disagreement among economists
b. efficient markets
c. inefficient markets
d. agreement and collaboration among economists
a. controversy or disagreement among economists
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When the price of a pizza decreases from $12 to $10, it is definitely the case that the
A) income effect means people buy less pizza. B) substitution effect means people buy more pizza. C) quantity demanded of pizza will not change. D) None of the above answers is correct.
Consider the above table. If the government imposes a price ceiling on garbanzo beans of $8, what would be the likely result?
A) a surplus of 2,000 garbanzo beans on the market B) a shortage of 2,000 garbanzo beans on the market C) Market equilibrium will be reached. D) The quantity demanded of garbanzo beans would fall to zero.
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The economy is currently at Point A. The opportunity cost of moving from Point A to Point B is the
A. 30 LCD televisions that must be forgone to produce 60 additional OLED televisions. B. 90 LCD televisions that must be forgone to produce 20 additional OLED televisions. C. 30 LCD televisions that must be forgone to produce 20 additional OLED televisions. D. 120 LCD televisions that must be forgone to produce 40 additional OLED televisions.
Taxes listed as Federal Insurance Contribution Act taxes on the employee paystub are ________
A) payroll taxes B) value-added taxes C) income taxes D) excise taxes