Refer to Figure 13.1. All else equal, a decrease in income taxes would best be represented by a movement from
A) point A to point B.
B) point B to point A.
C) point B to point C.
D) point C to point B.
B
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Positive economics deals with
a. value judgments b. how the economy does work c. how the economy should work d. how the federal government should operate e. what the price level should be
A government policy to build bridges and dams is an example of a policy to promote economic growth by:
A. improving the social and legal environment B. improving technology. C. increasing physical capital. D. increasing human capital.
Wages and labor are inversely related for people who value leisure more than work
Indicate whether the statement is true or false
Microeconomics is the branch of economics that deals with
A) highly aggregated markets or the entire economy. B) the production side of the economy, exclusively. C) the buying side of the economy, exclusively. D) human behavior and choices as they relate to relatively small units --- an individual, a firm, an industry.