Whenever statements embodying values are made, we enter the realm of
A. macroeconomics.
B. normative economics.
C. positive economics.
D. microeconomics.
Answer: B
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When inflation begins to rise, people can prevent their wealth from deteriorating by doing all of the following except
A) holding more cash. B) converting their cash into foreign currencies. C) spending their cash on goods and services. D) investing in financial instruments such as stocks or precious metals.
A ________ is a plan by one firm to price a good at marginal cost forever if the other cheats on an agreement
A) pure strategy B) grim strategy C) patent D) collusion
In June 2008, $1 bought 104 yen and in October, $1 bought 93 yen. This change means
A) U.S. exports became more expensive for Japanese buyers. B) there will be a movement down along the demand curve for dollars. C) there was an increase in the value in the dollar, relative to the yen. D) the dollar appreciated relative to the yen.
Dependency theory characterizes countries as being either in the center or on the periphery. Explain these two concepts. If this theory is correct, what are the implications for development strategy?
What will be an ideal response?