What type of questions cannot be answered with theory or facts alone?
A. factual questions
B. econometric questions
C. positive questions
D. normative questions
E. empirical questions
Answer: D
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Assume that Brazil and Mexico have floating exchange rates. All else held constant, if the price level is stable in Mexico but Brazil experiences rapid inflation then ________.
A. the Brazilian real will appreciate B. the Brazilian real will depreciate C. gold bullion will flow into Brazil D. the Mexican peso will depreciate
It is possible that trade based on external scale economies may leave a country worse off than it would have been without trade. Explain how this could happen
What will be an ideal response?
In a perfectly competitive market with 75 non-identical firms producing at market price p1
A) the supply curve is flatter than if there were only 35 identical firms. B) the supply curve is more elastic than if there were only 25 identical firms. C) the supply curve is more inelastic than if the firms were identical. D) All of the above.
It was illegal for Microsoft to contract with computer manufacturers to pay for Microsoft operating systems for all the computers they produced, rather than paying for only the computers on which Microsoft operating systems were installed
Indicate whether the statement is true or false