Analysis that is limited to making either purely descriptive statements or scientific predictions is
A) positive economics.
B) normative economics.
C) microeconomics.
D) macroeconomics.
Answer: A
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Using Figure 1 below, if the aggregate demand curve shifts from AD2 to AD1 the result in the short run would be:
A. P1 and Y1.
B. P3 and Y1.
C. P4 and Y1.
D. P4 and Y2.
The most likely reason politicians don't appear to economists to look at policy issues in a cost/benefit framework is that:
A. politicians are focusing on the long-run effects of policies rather than the short-run effects. B. politicians don't make rational decisions. C. politicians are not economists. D. the marginal costs and marginal benefits facing the politician are not necessarily the ones facing society.
The Freedom to Farm Act of 1996 was designed to encourage farmers to:
A. Seek more subsidies from government B. Plant more corn and less soybeans C. Plant more wheat and less corn D. Respond to market prices
Joe's Pizza Shop only makes pizza. If each pizza requires five people, each of whom specializes in one task, this method of production is an example of
A) economies of scope. B) team production. C) economies of monitoring. D) economies of coordination.