Normative economics
What will be an ideal response?
Opinions, not provable or disprovable
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In cost-effectiveness analysis, constant cost studies:
a. are rarely used b. attempt to specify the output which may be achieved from a number of alternative programs, assuming all are funded at the same level c. are useless because they fail to adequately evaluate program benefits d. try to find the least expensive way of achieving a certain objective e. none of the above
Marginal utility
a. increases as more of a good is consumed b. increases as the total utility of consuming a good increases c. is the same as the utility of consuming a good d. is the same as the utility of consuming an additional unit of a good e. is the same for all units of a good, but varies from one consumer to another
Normal goods have negative income elasticities of demand, while inferior goods have positive income elasticities of demand
a. True b. False Indicate whether the statement is true or false
The accompanying figure shows the production possibilities curve for the island of Genovia:
The opportunity cost of producing one ton of agricultural products in Genovia is:
A. 1/50 of a car. B. 1/5 of a car. C. 1 car. D. 1,000 cars.