"Government should do all it can to slow the process of global warming." Is this a positive or normative statement? Explain your answer
This is a normative statement. The key is the inclusion of the word "should" in the statement. It is a value judgment.
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A firm's marginal revenue is defined as
a. the ratio of total revenue to total quantity produced. b. the additional output produced by lowering price. c. the additional revenue received due to technical innovation. d. the additional revenue received when selling one more unit of output.
If supply increases, then quantity demanded decreases
a. True b. False
Which of the following is a component of aggregate demand?
A. Net exports B. Income C. Government revenues D. Taxes
Refer to the information provided in Figure 4.6 below to answer the question(s) that follow.Equilibrium in this market occurs at the intersection of curves S and D.
Figure 4.6Refer to Figure 4.6. If price goes from equilibrium to P1, producer surplus changes by the area
A. B - F. B. E + F. C. C + E D. E - C.