"Mandating longer sentences for any criminal's third arrest will lead to a reduction in crime. Less crime will reduce the number of police officers cities will hire." This quotation:
a. contains positive statements only
b. contains normative statements only.
c. contains both normative and positive statements.
d. contains neither normative nor positive statements.
a
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What does the slope of the production possibilities curve represent? Explain
What will be an ideal response?
____ yields the same results as the theory of perfect competition, but requires substantially fewer assumptions than the perfectly competitive model
a. Baumol's sales maximization hypothesis b. The Pareto optimality condition c. The Cournot model d. The theory of contestable markets e. none of the above
The Federal Open Market Committee (FOMC) controls the U.S. money supply by buying and selling loans in the public loan market
a. True b. False
Factors of production are
A. Scarce in every society. B. Unlimited in quantity. C. Scarce only in advanced countries. D. Scarce only in the poorest countries of the world.