Normative economics ________ and positive economics ________.
A. involves judgments; also involves judgments
B. does not involve judgments; involves judgments
C. does not involve judgments; also does not involve judgments
D. involves judgments; does not involve judgments
Answer: D
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Which of the following summarizes the information provided by a Lorenz curve?
A) the Gini coefficient B) the slope (the rise divided by the run) of the Lorenz curve at a particular point on the curve C) the income distribution ratio D) the Lorenz coefficient
What does it mean to say the labor supply is backwards bending? How does this relate to the direction and magnitude of the income and substitution effects? Will the labor supply be backwards bending if leisure is a normal good?
Will it be backwards bending if leisure is an inferior good?
For each city across the U.S., economists construct a price index for a similar basket of goods. In Los Angeles the index is 127.3 and the index for Dallas is 94.8
If you have been offered $137,000 for a job in Los Angeles and $117,000 for a similar job in Dallas, which job affords you the highest purchasing power of the bundle of goods in the price index? Use the Los Angeles value as the base.
Education and training programs are most effective when the need for them is greatest
Indicate whether the statement is true or false