The statement, "Violent crime has decreased in the last five years," is:
A. obviously wrong and, therefore, cannot be a positive statement.
B. normative since it can be answered by simply looking at the facts.
C. positive because it is testable.
D. not very interesting because all normative issues are of little importance.
Answer: C
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In the long run,
a. monopolies never earn economic profit b. economic profits and losses determine entry and exit into monopoly markets c. monopolies may earn economic profit d. competition always destroys monopoly e. government always regulates monopoly
The Federal Reserve influences the level of interest rates in the short run by changing the:
A. demand for money through open market operations. B. demand for money through changes in reserve requirements. C. supply of money through open market operations. D. supply of money through changes in stock market operations.
In the above figure, if A is the initial equilibrium point and there is an unanticipated rise in aggregate demand from AD1 to AD2, then
A) the new short-run equilibrium will be at point B. B) the new short-run equilibrium will be at point D. C) the new long-run equilibrium will be at point B. D) real Gross Domestic Product (GDP) per year will fall below Y1.
Which of the following is true if the international price of coffee increases?
a. The demand for tea, a substitute good, will decrease. b. The demand for coffee will increase. c. The demand for coffee and tea will decrease. d. Both the demand for coffee and tea will increase. e. The demand for tea, a substitute good, will increase.