The President's statement that "to encourage economic growth, taxes should be cut"
A. would be a statement of mercantilist economic philosophy.
B. would be an example of a microeconomic statement.
C. would be an example of a positive statement.
D. would be an example of a normative statement.
Answer: D
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If the market for maple syrup is perfectly competitive, then in the long-run equilibrium, firms are
A) entering the market. B) exiting the market. C) making zero economic profit. D) temporarily shutting down.
Accounting that relates how growth in inputs of production are related to growth in output is called:
A. input to output accounting. B. national income accounting. C. production accounting. D. growth accounting.
Economists generally prefer greater effort made to force internalization of externalities through taxes rather than using alternative approaches, such as establishing pollution standards
a. True b. False Indicate whether the statement is true or false
Intermediate goods and services are:
A. used only as inputs to produce something else and are not counted as separate items in GDP. B. goods that consumers buy in parts-like a new tire for their car-and are included as separate items in GDP. C. goods that consumers buy in parts-like a new tire for their car-and are not included as separate items in GDP. D. used only as inputs to produce something else and are counted as separate items in GDP.