Positive statements can be checked, evaluated, or edited based on:
a. available evidence.
b. personal choice.
c. budget constraints.
d. opportunity costs.
a. available evidence.
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When there is an expansionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; expand B. increase; raise; decline C. decline; lower; decline D. decline; raise; decline
A virtuous cycle occurs
A) when a firm can attract enough buyers initially to increase a product's usefulness to attract even more buyers. B) when lobbyists petition members of Congress to grant a public franchise; the lobbyist then raise money for those Congress members who granted the franchise. C) when monopoly profits are used to create new products for additional monopoly profits. D) when a firm's sales volume reaches a level where the firm can take advantage of economies of scale; thereby reducing the price of the product to further boost its sales.
When forecasting interest rates and the direction of monetary policy, economists often examine the
A) Federal Deposit Insurance Corporation Report. B) Economic Report of the President. C) Federal Advisory Council Statement. D) Federal Open Market Committee directive.
If the MRP is less than the wage, the firm should hire more labor
a. True b. False Indicate whether the statement is true or false