People frequently confuse facts with judgments that are based on beliefs. This means that people have trouble making the distinction between:
A. political statements and non-political statements.
B. rational statements and irrational statements.
C. macroeconomics and microeconomics.
D. positive statements and normative statements.
D. positive statements and normative statements.
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Larry's Lathe-makers Limited produces lathes, which are purchased by furniture manufacturers all over the world. The standard lathe depreciates over a twenty-five-year period. In the national income accounts, the lathes are classified as
A) inventory. B) raw materials. C) capital goods. D) intermediate goods.
Which of the following could explain an increase in the equilibrium wage rate for a particular job?
a. a decrease in the amount of training needed to perform this job b. an increase in the amount of risk associated with this job c. a decrease in the amount of risk associated with this job d. an improvement in the working conditions associated with this job e. increased migration of workers to this geographic location
Trade allows each country to take advantage of lower ___________ costs in the other country.
a. replacement b. opportunity c. marginal d. retail
Major macroeconomic questions include all of the following EXCEPT:
A. What causes slowdowns in productivity growth? B. Are free trade agreements beneficial? C. Can inflation be reduced without generating additional unemployment? D. How do monopoly firms set prices and determine quantities to produce?