Markets may not work well due to
a. lack of factor mobility
b. high degree of monopoly
c. weak legal infrastructure
d. government regulation
e. all of the above
E
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The difference between positive statements and normative statements is that
A) a positive statement involves a value judgment and a normative statement is a statement of fact. B) a positive statement is a statement of fact and a normative statement involves value judgments. C) value judgments are made in normative statements but assumed in positive statements. D) normative statements are provable while positive statements are not.
Relative to a fixed franchise fee, sharing contacts in franchising
a. Can decrease shirking b. Can increase shirking c. Always decreases shirking d. None of the above
The ________ phase of the business cycle follows a recession
a. recession b. peak c. expansion d. trough
An upward shift of the aggregate expenditures schedule might be caused by:
A. a decrease in exports, with no change in imports. B. a decrease in imports, with no change in exports. C. an increase in exports, with an equal decrease in investment spending. D. an increase in imports, with no change in exports.