Which phrase(s) is (are) associated with normative statements?
a. c and e.
b. Has been shown.
c. Should be.
d. Can be.
e. More than.
c
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The short-run aggregate supply curve in modern Keynesian analysis represents the relationship between
A) the real output of goods and services in the economy and the price level when people have fully adjusted their behavior. B) the nominal output of goods and services and the real output of goods and services. C) the real output of goods and services in the economy and the price level. D) the real output of goods and services in the economy and the price level when people have not fully adjusted their behavior.
Which of the following statements is true of British colonies set up in areas of Mexico, Guatemala, and Bolivia?
A) Most of the major political decisions were taken by the natives. B) The institutions set up were mostly inclusive. C) The natives had well-defined property rights. D) The natives were forced to work in mines and agricultural estates.
A country has a comparative advantage in the production of a good if it can
A) trade off producing the good for another good. B) produce more of the good than another country. C) produce the good on and remain on its production possibilities frontier. D) produce more of the good most efficiently. E) produce the good at the lowest opportunity cost.
If a firm enjoys producer surplus in perfectly competitive Market A of $1000 and would enjoy producer surplus in perfectly competitive Market B of $1200, the firm would consider moving to Market B if
A) fixed costs are greater than $100 in Market A. B) fixed costs are less than $200 in Market B. C) fixed costs are less than $300 but greater than $200 in Market B. D) fixed costs in Market B are less than the fixed costs in Market A plus $200.