Normative analysis:
A. is a value-free evaluation of a policy.
B. examines if the policy actually accomplished its goal.
C. is a matter of values and opinions.
D. involves the formulation and testing of hypotheses.
Answer: C
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Drawing conclusions from international comparisons of GDP are difficult to assess because
A) GDP is understated in poorer countries because much of the work that people do is not provided in markets. B) GDP cannot be adequately evaluated as a measure of people's welfare or well-being. C) without adjusting for purchasing power parity, GDP comparisons might very well be meaningless. D) all the above reasons hold true.
Comment on the following statement: "Diminishing returns occur when total output falls as additional units of labor are combined with fixed inputs in the production process."
What will be an ideal response?
In a recession, typically
A) the labour force participation rate increases. B) the employment-to-population ratio decreases. C) the employment-to-population ratio increases. D) unemployment decreases. E) none of the above.
Fill out the table and answer the question below. 
Marginal product is negative when ________ units of labor are employed.
A. 5 units of labor are employed. B. 7 units of labor are employed. C. 6 units of labor are employed. D. both b and c.