Positive statements contain mostly
A. opinions and conditions.
B. logical arguments mixed with statements of opinion.
C. bias.
D. facts and predictions.
Answer: D
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The income effect of a price change results in a
A) movement along the demand curve due to a change in relative prices. B) shift of the demand curve when income changes. C) shift of the demand curve due to a change in purchasing power brought about by the price change. D) movement along the demand curve due to a change in purchasing power brought about by the price change.
Bank's make their profits primarily by issuing
A) equity. B) negotiable CDs. C) loans. D) NOW accounts.
In the aggregate production function, Y represents real GDP, K represents the capital stock, L represents the quantity of labor, and A represents an index of efficiency. Which of the following equations represents the aggregate production function?
A) Y = (K × L) / A B) Y × A = (K × L) C) Y = AF(K, L) D) Y = (K × L) = A /FY
Suzy spends all of her income on potato chips and textbooks. To maximize her total utility, she should
a. allocate her income so that the marginal utilities of potato chips and textbooks are equal b. allocate her income so that the marginal utilities per dollar spent on potato chips and textbooks are equal c. change her eating habits d. choose a consumption point that is inside her budget constraint e. allocate her income so that the total utilities of potato chips and textbooks are equal