Positive analysis can be described as
A. a value-free approach to inquiry.
B. a study that is not tested empirically.
C. the study of whether people respond to negative incentives.
D. the study of whether people respond to positive incentives.
Answer: A
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List and briefly explain the steps in how monetary policy affects real GDP in the AS/AD model using as your example the case when the Fed eases monetary policy to fight a recession
What will be an ideal response?
The slope of the line on a line chart measures the rate of change in:
A) only the independent variable. B) only the dependent variable. C) the dependent variable as the independent variable changes. D) the independent variable as the dependent variable changes.
Aglets are the metal or plastic tips on shoelaces that make it easier to lace your shoes. The demand for aglets is probably
A) inelastic. B) unit elastic. C) elastic but not perfectly elastic. D) perfectly elastic.
Are lump-sum taxes regressive or progressive? Is the deadweight loss of taxation the same for different types of taxes?
What will be an ideal response?