"When OPEC increases the supply of oil to the market, the price of gasoline falls." This is an example of
A) a normative statement.
B) the failure of opportunity cost to determine prices.
C) a positive statement.
D) a macroeconomic statement.
C
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If the minimum wage is set above the market wage
A) unemployment will rise. B) the quantity of labor supplied will be below the quantity of labor demanded. C) highly-skilled workers will have a harder time finding jobs. D) All of the above are correct.
The aggregate demand–aggregate supply model shows that closing an expansionary gap involves deflation and closing a recessionary gap involves inflation
a. True b. False Indicate whether the statement is true or false
The advertising dilemma is that advertising may add more to industry costs than to industry revenues, but a firm may lose market share if it does not advertise.
Answer the following statement true (T) or false (F)
Which of the following led a strong attack against mainstream macroeconomists during the 1970s?
A) Friedman and Phelps B) Hicks and Hansen C) Modigliani and Friedman D) Lucas, Barro, and Sargent