Normative economics looks at outcomes of economic behavior and evaluates them as good or bad.
Answer the following statement true (T) or false (F)
True
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How would government's role differ between the balanced and unbalanced growth models?
What will be an ideal response?
Which of the following is the best example of a vertically integrated firm?
a. General Electric, which produces light bulbs, jet engines, washing machines, and so on b. Kinko's, which has a photocopy store near many colleges and universities c. USX Corporation, which owns ore and coal mines, coke ovens, blast furnaces, mills, and foundries d. Intel, which makes computer chips for most of the computer manufacturers e. Century 21, which has real estate offices that help people sell a house in one city and buy another house in another city
Even when one person uses a public good, such as national defense, others can also use it. Which term refers to this characteristic of a public good?
a. Nonrivalrous b. Free ridership c. Nonexcludable d. Positive externality
Refer to the information provided in Figure 1.4 below to answer the question(s) that follow.
Figure 1.4Refer to Figure 1.4. Panel C shows a curve which has a slope that is
A. zero throughout. B. first positive and then negative. C. first negative and then positive. D. infinite throughout.