The statement that "peach ice cream is better than chocolate ice cream"
A) can be tested using the scientific approach.
B) is a normative statement.
C) is a positive statement.
D) provides a basis for predicting which type of ice cream will exhibit the most sales.
B
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Which of the following assets is the least liquid?
A) money market mutual fund B) stock C) treasury bond D) house
A mathematical technique used to solve constrained optimization problems (finding the consumer optimum, for example) is:
A) the method of Lagrange multipliers. B) the Cobb-Douglas method. C) the Slutsky method. D) the Hicks substitution method.
In general, the cost of an input:
A. decreases when you've reached the point of diminishing marginal product in your firm. B. stays the same when you've reached the point of diminishing marginal product in your firm. C. increases when you've reached the point of diminishing marginal product in your firm. D. is minimized when you've reached the point of diminishing marginal product in your firm.
Explain why the nation's MPC remains constant as national income increases