Normative conclusions
a. come from positive analysis alone.
b. are based on ignorance of positive analysis.
c. involve value judgments.
d. reflect the economist's role as scientist.
c
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In a perfectly competitive industry, assume the short-run average total cost increases as the output of the industry expands. In the long run, the industry supply curve will:
a. first have a positive slope and then a negative slope. b. have a negative slope. c. be perfectly horizontal. d. be perfectly vertical. e. have a positive slope.
Refer to the accompanying figure. When P = 4, the price elasticity of demand for the demand curve D1 is ________ and D2 is ________.
A. 1/3; 3 B. 3; 3 C. 1/3; 2/3 D. 2/3; 1/3
According to the Keynesian transmission mechanism, if the Fed conducts an open market sale of government securities, it may cause which of the following in the investment goods market?
A) a rightward shift in the investment demand curve B) a leftward shift in the investment demand curve C) a movement down and along a given investment demand curve D) a movement up and along a given investment demand curve
Demand-pull inflation could start with
What will be an ideal response?