Positive economics deals with
a. theories about improving people's self-esteem
b. practical ways of improving people's self-esteem by making money
c. opinions that affirm economists' theories
d. statements about the way things ought to be
e. statements of fact
E
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Kevin purchasing concert tickets with his debit card is an example of the ________ function of money
A) medium of exchange B) unit of account C) store of value D) specialization
In the production function Y = A(G,P,T) F(K,R,H,N), the factors that affect the entire production process are
A) G,R,H. B) G,P,T. C) P,T,K. D) KRHN.
Suppose a monopolist's demand curve is P = 60 - Q, and its cost function is C = 10Q + 50 so its marginal cost is 10. If a governmental agency wished to set the price that maximized social welfare, that price would be
A) $10.00. B) $11.02. C) $14.57. D) $35.00.
If the Fed increases the money supply, then _____
Fill in the blank(s) with the appropriate word(s).