Maintaining objectivity is easiest in:
A. the art of economics.
B. positive economics.
C. normative economics.
D. subjective economics.
Answer: B
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The concept of utility:
A. cannot be used to explain why people are charitable. B. cannot be used to explain why people are altruistic. C. cannot be used to explain why people are selfish. D. None of these is true.
Briefly contrast how firms in a perfectly competitive market will respond to long-run profits and losses. Include an explanation of how each response affects the price level
If there is shortage of loanable funds, then
a. the supply for loanable funds shifts right and the demand shifts left. b. the supply for loanable funds shifts left and the demand shifts right. c. neither curve shifts, but the quantity of loanable funds supplied increases and the quantity demanded decreases as the interest rate rises to equilibrium. d. neither curve shifts, but the quantity of loanable funds supplied decreases and the quantity demanded increases as the interest rate falls to equilibrium.
A price ceiling set below the equilibrium price will
A) clear the market for the good. B) result in a shortage of the good. C) result in a surplus of the good. D) induce new firms to enter the industry.