"The United States should adopt more open trade policies because they historically have caused increased economic growth." This is an example of what kind of statement?
A. Normative
B. Positive
C. Unequivocally false
D. Unequivocally true
Answer: A
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Burning coal to generate electricity can create pollution. If the market for generating electricity is competitive and is allowed to operate without any government intervention, is the equilibrium quantity of coal burned equal to, more than, or less
than the efficient quantity?
Refer to the table below. If at the current advertising level, A = $9,800, B = $15,000, and C = $8,200, to maximize profit, which of the following should the firm do?
The table above shows the current costs for a firm to advertising on the radio, television, and newspaper.
A) The firm should decrease its advertising on the television and increase its advertising in newspapers.
B) The firm should decrease its advertising on the radio and increase its advertising in newspapers.
C) The firm should decrease its advertising on the radio and decrease its advertising in newspapers.
D) The firm should increase its advertising on the television and decrease its advertising in newspapers.
The short run is a period of time during which:
a. there is an expansionary gap that cannot be corrected using the passive approach. b. actual output equals potential output c. there is a recessionary gap that cannot be corrected through discretionary policy. d. resource buyers and sellers cannot adjust fully to changes in the price level. e. resource buyers and sellers can adjust fully to changes in the price level.
The aggregate supply curve shows the:
a. Direct relationship between the price level and real GDP purchased b. Direct relationship between the price level and real GDP produced c. Inverse relationship between the price level and real GDP purchased d. Inverse relationship between the price level and real GDP produced