We say economists are doing positive economics when they
A. try to improve the welfare of all citizens.
B. look for regularities and principles in economic life that can help show how the economy works.
C. claim that there is no value free social science so articulating one's values is important.
D. focus on policies and rhetoric that encourage people to be optimistic about the future.
Answer: B
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According to the rational expectations hypothesis, individuals form their expectations about future values of economic variables by all of the following EXCEPT
A) past information. B) current information. C) their understanding of how the economy operates. D) formal models of macroeconomics.
Suppose seller X is willing to sell one good X for $5, a second good X for $10, a third for $16, a fourth for $25, and the market price is $20 . What is seller X's producer surplus?
a. $15 b. $20 c. $22 d. $29
In which of the following market structures can a firm earn an economic profit in the short run?
a. Perfect competition b. Monopolistic competition c. Monopoly d. All of these market structures can earn an economic profit in the short run
In China, firms owned by the government are known as
A) state-owned enterprises (SOEs). B) government enterprises. C) corporations. D) government owned partnerships.