Does the decision to make a blockbuster movie mean that some other more desirable activities get fewer resources than they deserve? Is your answer positive or normative? Explain your answer
What will be an ideal response?
Making a blockbuster movie means that some other activities get fewer resources. But whether "more desirable" activities get fewer resources than they "deserve" is a normative answer for two reasons. First the question of whether an activity is more desirable or less desirable depends on the person's judgment and values. Second the determination of whether an activity gets fewer resources than it deserves also involves the normative decision about the quantity of resources an activity deserves. So the answer to the question of whether making a blockbuster movie means that other more desirable activities get fewer resources than they deserve is a normative answer that depends on the student's values.
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What types of international transactions are recorded in the balance of payment accounts?
What will be an ideal response?
In the steady state of Solow's exogenous growth model, an increase in total factor productivity
A) increases output per worker and increases capital per worker. B) increases output per worker and decreases capital per worker. C) decreases output per worker and increases capital per worker. D) decreases output per worker and decreases capital per worker.
The above figure shows three different supply-and-demand graphs. Which graph best represents the market for the air we are currently breathing?
A) Graph A B) Graph B C) Graph C D) None of the above.
Economics competition can have which of the following negative effects on a domestic economy?
A. It drives down wages and profits. B. It increases the profits of domestic suppliers. C. It drives up wages and profits. D. It protects domestic jobs.