Positive economics is concerned with ________________, whereas normative economics deals with _________________.
a. value judgments; factual statements
b. opinions; facts
c. what is; what should be
d. what should be; what is
c. what is; what should be
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Between 1921 and 1929 national output
A. declined slightly. B. stayed about the same. C. rose slightly. D. rose by about 50%.
What impact does monetary policy have on the long-run Phillips curve?
A) Monetary policy shifts the long-run Phillips curve to the right or left, depending on whether monetary policy is expansionary or contractionary. B) Monetary policy can only shift the long-run Phillips curve to the right. C) Monetary policy can only shift the long-run Phillips curve to the left. D) Monetary policy has no impact on the long-run Phillips curve.
If a market is in equilibrium, then it is impossible for a social planner to raise economic welfare by increasing or decreasing the quantity of the good
a. True b. False Indicate whether the statement is true or false
Diversification can eliminate:
A. the systematic risk in a portfolio. B. the idiosyncratic risk in a portfolio. C. all risk in a portfolio. D. risk only if the investor is risk averse.