Positive economics seeks to:
A. determine what government economic policies are best.
B. objectively explain how societies value different economic outcomes.
C. determine the most appropriate economic goals for society.
D. objectively explain how the economy functions.
Answer: D
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According to this Application, if you are unemployed and if your peer group is also unemployed
A) you may not be as aggressive in searching for work. B) you have a better chance of finding employment. C) you will want to find a job quickly to encourage your peer group about employment prospects. D) you have little chance of finding a job.
A change in which of the following causes a movement along — not a shift in — the IS curve?
A) autonomous consumption B) government purchases C) financial frictions D) all of the above E) none of the above
A monopolist's demand curve is given by:
p = 100 + A1/2 – Q where Q is the quantity of output and A is the quantity of advertising. Suppose the cost of advertising and output is given by: C(Q,A) = 10Q + A Determine the profit maximizing quantity of output and advertising.
Joint production is production that results in the simultaneous production of ________.
A) exactly three outputs B) exactly one output C) exactly two outputs D) two or more outputs