Which of the following explains why economists may disagree over normative issues?
a. They have different beliefs and values.
b. They examine the same data to draw their conclusions.
c. They need to disagree in order to publish their research findings.
d. They often employ different statistical techniques when examining data.
e. Some work only on microeconomic issues, while others focus exclusively on macroeconomic issues.
A
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Which geographic coincidence affected gasoline prices the most during 2005?
A. A tsunami hit the one area in the world most responsible for producing U.S. gasoline, Indonesia. B. Two major hurricanes affected the refining intensive areas of New Orleans and Houston. C. An earthquake happened to hit the energy-sensitive areas in and around Iran. D. There were tornado related electrical outages in the industrial Midwest.
The price of a gallon of gasoline was $0.35 in 1972 when the CPI equaled 0.418. The cost of a gallon of gasoline was $2.25 in 2005 when the CPI equaled 1.68. The real cost of a gallon of gasoline between 1972 and 2005:
A. may have either increased or decreased. B. remained constant. C. increased. D. decreased.
An independent relationship between two variables is shown in a graph by
A) an upward-sloping line. B) a horizontal or a vertical line. C) a downward-sloping line. D) a steeply sloped line. E) any straight line curve.
If the government attempts to force a natural monopoly to charge a price equal to marginal cost,
A) the natural monopoly will shut down. B) the natural monopoly will still make high profits. C) the natural monopoly's marginal cost curve will shift up. D) total welfare is maximized.