To understand how poverty, inequality, and discrimination affect the economy, __________ analysis is used, and _________ analysis is used to address whether the government should try to reduce inequality in the name of social justice.
A. positive; objective
B. subjective; normative
C. normative; positive
D. positive; normative
D. positive; normative
You might also like to view...
Which of the following is a tool used for protectionism?
A) Service tax B) Bank rate C) Tariffs D) Open market operations
Eli Whitney III receives a patent for the rayon gin, a product for which there are no close substitutes. Eli will maximize his profit when
a. MR is maximized b. MR = MC c. MR > MC d. MR < MC e. P = MR > MC
One likely result of a price ceiling is that
a. an excess supply of the good results b. the price would be above the equilibrium price c. the price would be the equilibrium price d. the good must be rationed e. the supply curve shifts to the right
Lower real interest rates
a. tend to shift the consumption function upward. b. have no significant effect on consumption. c. tend to shift the consumption function downward. d. tend to move the consumer upward along the consumption function.