The absence of value judgments is the essence of
A) normative economics.
B) positive economics.
C) microeconomics.
D) macroeconomics.
B
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Why should people without children pay some tax to support local schools?
What will be an ideal response?
The short-run tradeoff between inflation and unemployment implies that, in the short run,
a. a decrease in the growth rate of the quantity of money will be accompanied by an increase in the unemployment rate. b. an increase in the growth rate of the quantity of money will be accompanied by an increase in the unemployment rate. c. policymakers are able to reduce the inflation rate and, at the same time, reduce the unemployment rate. d. policymakers can influence the inflation rate, but not the unemployment rate.
Even economists who advocate small government agree that national defense is a good that the government should provide
a. True b. False Indicate whether the statement is true or false
Other things being equal, an increase in the price of a good leads to an increase in the amount produced. This is known as
A) the law of demand. B) the law of supply. C) ceteris paribus. D) equilibrium.