A positive economic statement is one that
A) can be refuted.
B) is free of the ceteris paribus assumption.
C) is based on a value judgment.
D) asserts something about the role of moral behavior in building a strong economy.
Answer: A
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At its long-run equilibrium level of output, the demand curve facing an individual perfectly competitive firm is tangent to its
A. total economic profit curve. B. long-run average cost curve. C. marginal cost curve. D. marginal profit curve.
What are automatic stabilizers?
a. Laws setting up responses to changes in the economy that Congress does not have to discuss and pass when the change occurs. b. Laws setting up responses to changes in the economy that Congress will discuss and vote on when the change occurs. c. Actions Congress takes when it has determined that laws should be passed to stimulate the economy. d. Actions Congress takes when it has determined that laws should be passed to contract the economy.
Distinguish between invention and innovation
In the open-economy macroeconomic model, other things the same, an increase in the exchange rate raises the quantity of dollars supplied in the market for foreign-currency exchange
a. True b. False Indicate whether the statement is true or false