A normal good is a good for which the demanded decreases as income decreases, holding everything else constant
Indicate whether the statement is true or false
TRUE
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Refer to the table above. The trade balance of the country during that particular year was ________
A) $4,000 B) -$104,000 C) -$6,000 D) $50,000
Which of the following statements correctly highlights a difference between real GDP and nominal GDP?
A) Real GDP includes the value of goods and services produced by foreign firms, while nominal GDP does not. B) Real GDP strips out the effect of changing prices on the value of goods and services produced, while nominal GDP does not. C) Real GDP includes the value of goods and services produced by domestic firms in foreign countries, while nominal GDP does not. D) Real GDP does not take into account the value of goods produced and also services provided, while nominal GDP takes these into account.
Labor unions ______
a. raise wages in unionized industries.
b. create labor shortages in non-unionized industries.
c. play a larger role in the current U.S. economy than in European countries such as Norway and Sweden.
d. prefer to operate in states with right-to-work laws.
Refer to Scenario 1.2 below to answer the question(s) that follow.SCENARIO 1.2: A scientist wants to understand the relationship between automobile emissions and the level of global warming. The scientist collects data on the volume of automobile emissions and the levels of global warming over time. The scientist concludes that a 1% increase in automobile emissions causes a 0.0003% increase in average global temperatures. From this information he concludes that the automobile emissions are harmful to the environment and should be reduced to stop the increase in global temperatures.Refer to Scenario 1.2. The statement that a 1% increase in the automobile emissions causes a 0.0003% increase in average global temperatures is an example of
A. marginal economics. B. normative economics. C. the fallacy of logic. D. positive economics.