Positive economic statements are usually easier to refute with data than normative economic statements are
a. True
b. False
A
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If for a given year nominal GDP is $2000 billion and real GDP is $1500 billion, then the GDP price index is
A) 100. B) 1.33. C) 750. D) 0.75. E) 133.
Suppose anyone with a driver's license is capable of supplying one trip from the airport to the downtown business center on any given day. The long-run supply curve of such trips is horizontal at p = $50, which is the average cost of such trips
Suppose daily demand is Q = 1000 - 10p. Calculate the change in consumer surplus, producer surplus and social welfare if the city government requires those people supplying such trips to possess a special license, and the government will issue only 300 licenses.
An economy is judged efficient if
A. it is good at producing what people want. B. it produces things that people may not want but in the least wasteful way. C. produces whatever people want in a way that may not be the least wasteful. D. it is a free-market economy and not a command market.
With modern sector enrichment growth, inequality will
a. first rise and then fall. b. first fall and then rise. c. remain about the same. d. None of the above.