Positive economics deals with
a. value judgments
b. how the economy does work
c. how the economy should work
d. how the federal government should operate
e. what the price level should be
B
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Lisa views pizzas and burritos as goods. If she prefers a bundle of 4 burritos and 4 pizzas to a bundle of 4 burritos and 5 pizzas, which property of consumer preference is violated?
What change in the assumptions could lead a rational consumer to prefer the first bundle?
Budget deficit
What will be an ideal response?
The key indicator of a country's living standard and economic well-being is:
A. the interest rate. B. nominal GDP per person. C. real GDP per person. D. real GDP.
The short-run supply curve for a purely competitive industry can be found by:
A. multiplying the AVC curve of the representative firm by the number of firms in the industry. B. adding horizontally the AVC curves of all firms. C. summing horizontally the segments of the MC curves lying above the AVC curve for all firms. D. adding horizontally the immediate market period supply curves of each firm.