When analyzing a problem, if an economist is attempting to understand why something happened without considering whether or not the action was fair or just, the economist is thinking
A. positively.
B. justifiably.
C. normatively.
D. negatively.
Answer: A
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The circular flow diagram shows
A) how nominal GDP is distinct from real GDP. B) how the prices of factors are determined. C) the effects of inflation in a simple economy. D) the flows between different sectors of the economy.
A mortgage-backed security is a bundle of hundreds of mortgages which represents a claim on the monthly payments made on those mortgages
a. True b. False Indicate whether the statement is true or false
Fireworks on the night on July 4th are neither rival nor excludable.
Answer the following statement true (T) or false (F)
When consumers shift away from relatively higher price goods and services in favor of those that are less expensive, this is known as the
A) principle of utility. B) principle of substitution. C) principle of supply. D) principle of increasing opportunity costs.