If two economists completely agree about the magnitude of employment effects of a proposed change in government policy, but disagree about whether the change is a good idea. The difference in opinion
a. must be normative in nature
b. is both positive and normative in nature
c. is more likely to be normative than positive
d. is more likely to be positive than normative
e. would be neither positive nor normative in nature
A
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If one were to rank the demand curve facing a firm from the least elastic to the most elastic, the ranking would be
a. monopoly, perfectly competitive, monopolistically competitive b. monopoly, monopolistically competitive, perfectly competitive c. perfectly competitive, monopoly, monopolistically competitive d. monopolistically competitive, monopoly, perfectly competitive e. perfectly competitive, monopolistically competitive, monopoly
If the Fed conducts open-market purchases, then which of the following quantities increase(s)?
a. interest rates and investment spending b. interest rates, but not investment spending c. investment spending, but not interest rates d. neither interest rates nor investment spending
A currency depreciation is a(n):
A. increase in the official value of a currency in a fixed-exchange-rate system. B. increase in the value of a currency relative to other currencies. C. reduction in the official value of a currency in a fixed-exchange-rate system. D. decrease in the value of a currency relative to other currencies.
The price elasticity of demand along a vertical demand curve is
A) elastic at high prices and inelastic at low prices. B) infinite. C) one. D) zero.