Which of the following is the study of “what is” rather than “what ought to be”?
a. normative economics
b. subjective economics
c. positive economics
d. the theory of the origin of humanity
c. positive economics
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The figure above shows the relationship between the time a student spends studying and the student's GPA that semester. This figure shows ________ relationship between the time spent studying and the GPA
A) a positive, linear B) a positive but not linear C) a cross-sectionally trended D) a negative E) no
Suppose the following two events occur in the market for elementary school teachers:
a. Overcrowded schools and education budget cuts have discouraged young college students from pursuing careers in teaching. b. With an increasing birth rate, the number of children entering the elementary school system is expected to increase significantly over the next ten years. What is likely to happen to the equilibrium wage and quantity of teachers as a result of these two events? A) The equilibrium wage rises and the effect on the equilibrium quantity of elementary school teachers is indeterminate. B) The equilibrium quantity falls and the effect on the equilibrium wage of elementary school teachers is indeterminate. C) The equilibrium quantity falls and the equilibrium wage of elementary school teachers rises. D) The equilibrium quantity and the equilibrium wage of elementary school teachers fall.
During a(n) ________ many firms experience increased profits, which increases ________ and investment spending
A) expansion; cash flow B) recession; cash flow C) recession; business confidence D) expansion; government spending
If the expansion of output in an industry leads to unchanged resource prices, the industry is most likely to be a(n):
a. decreasing cost industry. b. increasing cost industry. c. constant cost industry. d. industry characterized by economies of scale.