Positive economics
A. always gives an optimistic spin to economic news.
B. was not used by nineteenth century economists.
C. is concerned with the economic policies that should be implemented.
D. is objective.
Answer: D
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The price elasticity of demand ________ in value when moving downward along a ________ line demand curve
A) falls; straight B) rises; curved C) falls, curved D) rises; straight
In the process described as Schumpeterian economic growth (involving Schumpeter's ideas about growth),
(a) recessions are the object of countercyclical policy designed to minimize the waste of unemployed labor and other resources. (b) expansions are considered wasteful because of the tendency for inflation to be generated near the cyclical peaks. (c) recessions are considered to be useful cleansing devices for abandoning inefficient uses of economic resources. (d) depressions are considered to be necessary to maintain greater equality of wealth and income over time.
In the short run, a perfectly competitive firm earning negative economic profit is
A) on the downward-sloping portion of its ATC curve. B) at the minimum of its ATC curve. C) on the upward-sloping portion of its ATC curve. D) above its ATC curve.
U.S. imports of sugar
a. have been illegal since the mid-1980s b. harm U.S. sugar producers c. increase the U.S. government's revenue d. are restricted by tariffs e. are restricted by import quotas