To understand how poverty, inequality, and discrimination affect the economy, ________ analysis is used, and ________ analysis is used to address whether the government should try to reduce inequality in the name of social justice.
A. positive; objective
B. normative; positive
C. positive; normative
D. subjective; normative
Answer: C
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In the figure above, suppose that $20 is the market equilibrium price. Which area is the consumer surplus?
A) A B) B C) A + B D) B - A E) B รท A
What does it mean for a firm to be breaking even?
What will be an ideal response?
Which of the following is false? a. Generally speaking, higher levels of saving will lead to higher levels of investment and capital formation and, therefore, to greater economic growth. b. Economic growth rates tend to be higher in countries where the government enforces property rights
c. Investment alone does not guarantee economic growth, which hinges importantly on the quality and the type of investment as well. d. None of the above are false; all are true.
Teenage unemployment is higher than unemployment of people ages 20 and over. Explain why economists would attribute at least part of this difference to minimum-wage laws