Positive economics is an approach to economics that
A. seeks to understand behavior and the operation of systems while making judgments about their usefulness to society.
B. analyzes outcomes of economic behavior, evaluates them as good or bad, and may prescribe preferred courses of action.
C. examines the role of government in the economy.
D. seeks to understand behavior and the operation of systems without making judgments.
Answer: D
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The figure above shows the demand for and supply of rental housing in Smallton. If a rent ceiling is set at $400, there is
A) a shortage of 4,000 units of rental housing. B) a shortage of 2,000 units of rental housing. C) a surplus of 3,000 units of rental housing. D) neither a shortage nor a surplus of rental housing.
Refer to Figure 13-13. What is the area that represents the firm's profit?
A) profit = 0 B) P3baP2 C) P4edP2 D) P4eaP1
Which of the following would cause a rightward shift in the labor demand curve?
a. A rise in the demand for leisure hours. b. A rise in the wage rate. c. A rise in workers' marginal productivity. d. A decline in workers' nonlabor incomes.
If a nation has a higher level of technology than another nation it means that they will be able to produce:
A. more outputs with the same inputs. B. less with the same amount of physical capital. C. the same output with the same level of inputs. D. more with no capital.