Which of the following is a statement which describes how the world should be?
a. Positive statement
b. Normative statement
c. Cognitive statement
d. Reflective statement
b. Normative statement
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Refer to Figure 29-1. Europe suffers a recession. Assuming all else remains constant, this would be represented as a movement from
A) B to C. B) D to A. C) C to D. D) A to B. E) A to D.
Which of the following market transactions of final goods and services are excluded from the computation of U.S. GDP??
A. ?Purchases of products such as wine, beer, hard liquor, and cigarettes. B. ?Secondhand transactions, such as when a used car is sold. C. ?New purchase that a resident of one state makes in a different state. D. ?Purchases of necessities such as groceries and rent.
Jennifer trades her autographed picture of Hulk Hogan for Alyssa's autographed picture of Pee-wee Herman, and both are happy with the exchange. This is an example of
A. voluntary exchange. B. Pareto optimality. C. general equilibrium. D. partial equilibrium.
Compare and contrast the marginal cost and average cost pricing rules for regulating natural monopolies
What will be an ideal response?