Identify some problems or issues that are both economic and political.
What will be an ideal response?
ANS:
Here the student might point to such problems as poverty, unemployment, taxes, low-income housing, and air pollution
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When an activity results in the creation of external benefits, markets will produce more than the socially optimal level of that activity
a. True b. False
If over a short time a large number of teenagers become old enough to find employment and a much smaller number of people retire, then productivity
a. and real GDP per person rise. b. rises but real GDP per person falls. c. falls but real GDP per person rises. d. and real GDP per person fall.
Which of the following is an accurate statement about monopolistic competition?
a. It has a low level of competition among sellers. b. It sells virtually identical products. c. It has elements of both monopoly and perfect competition. d. It has no need to use advertising.
The difference between positive statements and normative statements is that
A. a positive statement is a statement of fact and a normative statement involves value judgments. B. normative statements are provable while positive statements are not. C. a positive statement involves a value judgment and a normative statement is a statement of fact. D. value judgments are made in normative statements but assumed in positive statements.