A normative economic statement such as "The minimum wage should be abolished"
a. would likely be made by an economist acting as a scientist.
b. would require values and data to be evaluated.
c. would require data but not values to be evaluated.
d. could not be evaluated by economists acting as policy advisers.
b
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Sellers are sure the demand for their product is relatively inelastic at the price currently being charged
A) could increase their net revenue by raising the price. B) could increase their total revenue by lowering the price. C) would decrease their net revenue if they raised the price. D) would decrease their total revenue if they raised the price.
One explanation for the fall in the value of the U.S. dollar since 2001is
a. the mix of an tight fiscal/tight monetary policy over the period. b. the relative weakness of the U.S. economy over the period. c. a higher degree of accommodation of supply shocks in the United States relative to our trading partners. d. the disintegration of the Bretton Woods system during these years.
_____ when net taxes are reduced.
What will be an ideal response?
The demand for real money balances is a function of:
a. the supply of real money balances. b. the nominal GDP. c. the nominal rate of interest on alternative assets and the level of real GDP. d. policy decisions by the central bank.