Most economic disagreements are about ______ issues.
a. normative
b. cognitive
c. positive
d. objective
a. normative
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The argument advanced by Milton Friedman for adopting a monetary growth rule is that
A) active monetary policy potentially destabilizes the economy. B) a constant rate of growth in the money supply would eliminate the booms and recessions that make up the business cycle. C) the growth rate of M1 has been unstable. D) the Fed can control the money supply, but not the level of interest rates.
As you move along an indifference curve, your total utility increases or decreases depending on whether it's an upward or downward movement
a. True b. False Indicate whether the statement is true or false
A monopoly firm
a. has a short-run supply curve that slopes upward. b. is a price taker. c. does not have a supply curve. d. is at the mercy of the market-determined price.
With positive externalities, _____
a. the market equilibrium occurs at a lesser quantity than the socially optimal output b. the market equilibrium occurs at a greater quantity than the socially optimal output c. the social benefit curve lies below the private benefit curve d. there is no deadweight loss