Analysis that is limited to making either purely descriptive statements or scientific predictions is
A. macroeconomics.
B. normative economics.
C. positive economics.
D. microeconomics.
Answer: C
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Rank the following goods from most elastic to least elastic: fruit, apples, Granny Smith apples
A) Fruit, apples, Granny Smith apples B) Apples, Granny Smith apples, fruit C) Granny Smith apples, apples, fruit D) The goods cannot be ranked by elasticity because it ultimately involves the problem of comparing apples to oranges.
The relationship between money and gross domestic product is shown by the equation of exchange
a. True b. False Indicate whether the statement is true or false
Why do nations impose trade barriers, such as those instituted during the Great Depression, that make it difficult for their own citizens to trade with people in other countries?
a. Trade restrictions are a good way for a country to increase the total employment and income level of its citizens. b. As the experience during the 1930s illustrates, trade restrictions are an effective way to increase exports and tax revenues. c. Trade restrictions provide gains to domestic residents at the expense of foreigners. d. Trade restrictions often provide benefits to highly visible special interest groups while imposing a less visible cost on the general populace.
The market system is an economic system that:
A. gives private individuals and institutions the right to own resources used in production. B. produces more capital goods than consumer goods. C. gives the government the right to tax individuals and corporations for the production of capital goods. D. produces more consumer goods than capital goods.