What is the difference between positive analysis and normative analysis?
What will be an ideal response?
Positive analysis is concerned with what is, and normative analysis is concerned with what ought to be.
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Why do individuals decide to herd?
What will be an ideal response?
Refer to Figure 24-2. Ceteris paribus, an increase in the price level would be represented by a movement from
A) SRAS1 to SRAS2. B) SRAS2 to SRAS1. C) point A to point B. D) point B to point A.
Using the II-XX framework, show using a figure that fiscal policies by themselves cannot bring the economy to both internal and external balances
What will be an ideal response?
A monopolistic firm is a:
a. price taker that faces the market supply curve. b. price taker that faces the market demand curve. c. price maker that faces the market supply curve. d. price maker that faces the market demand curve.