Normative statements i. describe how the world is. ii. describe how the world ought to be. iii. depend on people's values and cannot be tested
A) i only
B) ii only
C) iii only
D) ii and iii
E) i and iii
D
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If a larger fraction of the adult population is working in the marketplace, household production
A) counted in real GDP increases. B) not counted in real GDP increases. C) counted in real GDP decreases. D) not counted in real GDP decreases.
An example of an in-kind transfer is
A) national defense. B) Social Security. C) low-cost public housing. D) unemployment benefits.
Central planners in command economies
a. generally set production targets for firms. b. always consult consumers on the output of goods they want to consume. c. allow prices to organize the economy's production. d. depend upon the invisible hand to coordinate economic activities.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, as the economy moves from Point A to Point E, the opportunity cost of motorcycles, measured in terms of hybrid cars
A. remains constant. B. decreases. C. initially increases, then decreases. D. increases.