Positive economics questions "What ought to be?" Normative economics predicts the consequences of alternative actions, answering the questions "What is?" or "What will be?"
Answer the following statement true (T) or false (F)
False
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A doctor sets up a private practice in small town where he faces no other competitors. In spite of his monopoly position why is he not guaranteed to make a profit?
What will be an ideal response?
Two key properties of indifference curves are that an indifference curve slopes
A) upward and is bowed out from the origin. B) downward and is bowed out from the origin. C) upward and is bowed in toward the origin. D) downward and is bowed in toward the origin.
The above figure shows four different markets with changes in either the supply curve or the demand curve. Which graph best illustrates the market for computers after technological advances in making computers occur?
A) Graph A B) Graph B C) Graph C D) Graph D
Which of the following is true of Western Europe, Japan, Canada, Mexico, and China taken together?
a. All these countries are classified as high-income countries by the World Bank. b. They are all members of the North American Free Trade Agreement [NAFTA]. c. All these countries are considered developing countries by the World Bank. d. They are collectively the largest trade partners of the U.S. e. They are the five largest exporters of agricultural produce in the world.