Which of the following statements is normative?
What will be an ideal response?
microeconomics is a great class
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A normative statement cannot be tested or validated; it is a matter of opinion. The only normative statement from the answer choices is "Microeconomics is a great class." The other statements can be tested and validated.
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The opportunity cost of doing something can be defined as the value of the next-best alternative
Indicate whether the statement is true or false
In neoclassical growth theory, technological change ________
A) occurs by chance B) is influenced by population growth C) is influenced by the rate of economic growth D) occurs at a steady rate
Tara, a pharmacist, is planning on opening her own pharmacy. Tara currently earns $50,000 a year at her job. She has calculated that it will cost her $6,000 in rent and utilities and $25,000 for an assistant per year to run her pharmacy
What is the amount of opportunity cost that Tara incurs in running her own pharmacy? A) $31,000 B) $25,000 C) $50,000 D) $81,000
How does an increase in the price of laptop memory chips affect the market of laptops?
a. The demand curve for laptops to shift to the right b. The demand curve for laptops to shift to the left c. The supply curve for laptops to shift to the right d. The supply curve for laptops to shift to the left