Economists become scientists when they deal with ______.
a. contestable analysis
b. normative analysis
c. positive analysis
d. subjective analysis
c. positive analysis
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Assuming that the GDP breakdown shown in Table 2.1 is typical of a given year in the U.S. we can say that ________
A) we spend twice as much on goods consumption as we do on services B) consumption of durable goods is twice that of nondurables C) government purchases is the largest main component of GDP D) all of the above E) none of the above
For a profit-maximizing, competitive firm, the value of the marginal product of labor
a. increases when the price of output decreases. b. is the firm's demand for labor. c. equals the marginal product of labor divided by the wage rate. d. All of the above are correct.
Suppose a government official is trying to decide whether or not to allow more immigration. Which of the following is not an aspect of the economic way of thinking that would apply in this decision-making process
If voters A, B, and C have the following demand curves for a public library Pa = 5 - Q, Pb = 10 - 2Q, and Pc = 15 - 3Q, then social demand for a public library is:
A. P = 15 - Q. B. P = 30 - 6Q. C. P = 6 - 30Q. D. P = 30 - 3Q.