When Susan makes the statement, "The government should spend less money to take care of national parks," she is
A) making a normative statement.
B) making a positive statement.
C) testing an economic model.
D) not dealing with scarcity.
A
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Why doesn't the age-earning cycle continuously increase until retirement age?
What will be an ideal response?
The key aspect to product differentiation is
A. physical differences. B. ambience. C. convenience. D. the buyer's mind.
When government expenditures in a given year are less than tax receipts, there exists
A. a budget deficit. B. public revenue. C. full-employment taxation. D. a budget surplus.
If employees and employers always accurately predict inflation, what is the shape of the Phillips curve?
A. The Phillips curve is horizontal in the short and long run. B. The Phillips curve is vertical in the short and long run. C. The Phillips curve is vertical in the short run and upward sloping in the long run. D. The Phillips curve is downward sloping in the short run and vertical in the long run.