A normative statement is generally based upon:
A. data that can be tested.
B. a factual claim.
C. subjective beliefs.
D. scientific fact.
C. subjective beliefs.
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Refer to Scenario 14.4. Suppose that a subsidy is implemented on each unit of labor hired. Then the number of workers hired
A) will decrease. B) will increase. C) will not change. D) will change in an indeterminate fashion.
The reason why countries should specialise in producing a certain product for export is explained by:
(a) The Law of Comparative Advantage; (b) The Law of Absolute Advantage; (c) Both (a) and (b) above. (d) None of the above
From 1996 to 1998, the fall in energy prices could be used
A. to explain why productivity growth increased. B. to indicate improvements in workforce quality. C. to indicate the lack of investment. D. to explain why productivity growth fell.
Which point or output-combination in the above graph could the nation produce only if it experienced inefficiency?
Combination F Combination E Combination C Combination G