Which of the following statements is an example of normative economic analysis?
A) Pollution regulations have raised the cost of production for energy companies.
B) As the wage rate increases, companies are hiring fewer workers.
C) Improvements in technology have reduced the time needed to manufacture automobiles.
D) Tablet computers should be manufactured in countries that do not restrict internet access to their citizens.
D
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Refer to Table 19-1. Suppose that a simple economy produces only four goods and services: sweatshirts, dental examinations, coffee drinks, and coffee beans. Assume all of the coffee beans are used in the production of the coffee drinks. Using the information in the above table, nominal GDP for this simple economy equals
A) 3,090 units. B) $7,250. C) $8,750. D) $9,750.
If the real wage decreases, the opportunity cost of working in the home will
a. increase b. decrease c. not be affected d. increase as long as worker productivity also rises e. increase only if households want to maintain their standard of living
Two variables that are inversely related tend to move in opposite directions
a. True b. False Indicate whether the statement is true or false
Which of the following is considered a determinant of long-run economic growth?
a. Increase in the interest rates b. Changing expectations c. Increase in the money supply d. Growth in productive resources e. Reduction in government spending