Normative statements are not
a. descriptive.
b. prescriptive.
c. claims about how the world should be.
d. made by economists speaking as policy advisers.
a
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To maintain amonopoly,there must be barriers to entry. Barriers to entry include ______
Fill in the blank(s) with correct word
On a production possibilities curve diagram, greater entrepreneurship:
A. causes the curve to shift outward. B. keeps the economy on the curve. C. prevents movement along the curve. D. keeps the economy at the corners of the curve.
Joe sold gold coins for $1,000 that he bought a year ago for $1,000. He says, "At least I didn't lose any money on my financial investment." His economist friend points out that in effect he did lose money because he could have received a 3 percent return on the $1,000 if he had bought a bank certificate of deposit instead of the coins. The economist's analysis in this case incorporates the idea of:
A. opportunity costs. B. marginal benefits that exceed marginal costs. C. imperfect information. D. normative economics.
Total market supply can be derived by
A) horizontally summing individual supply curves at each and every price level. B) vertically summing individual supply curves at the current technology level. C) adding up the largest quantity demanded at various prices. D) looking at the changes in the price of raw materials needed to produce the product.