Which of the following economic perspectives for decision making is a statement that describes the world as it is?
a. Positive statement
b. Normative statement
c. Cognitive statement
d. Reflective statement
a. Positive statement
A positive statement is a statement from the economic perspective for decision making that describes the world as it is.
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A signal is
a. anything used to show employees in a market that demand in a profession has increased b. anything used to show employees in a market that supply in a profession has increased c. a proxy used to indicate possession of unobservable qualities required for a particular job d. a way for employers to discriminate against certain groups of people e. a way for employees to learn to stay out of certain professions
A firm estimates its long-run production function to beQ = -0.0075K3L3 + 12K2L2Suppose the firm employs 12 units of capital. At ________ units of labor, average product of labor begins to diminish.
A. 32.21 B. 76.66 C. 82.27 D. 66.67 E. 44.44
The "new growth theory" of economic growth emphasizes the importance of
A. Household saving as a source of funds for investment. B. Investing in new plants and equipment. C. Investing in ideas. D. Borrowing funds for investment from foreign sources.
In the above figure, the demand curve for Good A shifts from D1 to D2 in Graph A when the price of Good B changes from P1 to P2 in Graph B. We can conclude that
A. Good A and Good B are complements. B. Good A and Good B are unrelated. C. Good A and Good B are substitutes. D. Good A is a normal good but Good B is an inferior good.