_________________ economics focuses on facts and cause-and-effect relationships.
Fill in the blank(s) with the appropriate word(s).
Positive
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Capital gains are the profit earned from the sale of
A) stocks. B) real estate. C) bonds. D) all of the above.
The production of capital is a form of roundabout production
a. True b. False
An economic survey observed that a 20 percent cut in the price of a certain line of women's clothing, almost doubled the quantity demanded of the clothing. This led economists to conclude that the demand for this line of clothing is _____
a. highly elastic b. highly inelastic c. unit-elastic d. perfectly elastic e. perfectly inelastic
Lobbying efforts by individuals and firms:
a. increases productive efficiency in the economy. b. merely transfer income and wealth from one individual or group to another. c. enables the firms to experience economies of scale. d. improves the overall standard of living in the economy. e. helps the economy to produce the efficient level of output.