Normative economics deals with ____ and positive economics deals with ____.
A. what should be; what is
B. fiction; fact
C. microeconomics; macroeconomics
D. negative aspects; positive aspects
Answer: A
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If the college athletic department raises the price of football tickets from $6 to $8 and sells more tickets at $8 than it had sold the year before at $6, we could reasonably conclude the demand for football tickets
A) was completely inelastic. B) had increased. C) was elastic. D) was inelastic. E) was unit elastic.
Competitive markets with no external costs or benefits and no government price ceilings, floors, taxes or subsidies ________ efficient. According to the "It's not fair if the rules aren't fair" idea of fairness, competitive markets ________ fair
A) are; are B) are; are not C) are not; are D) are not; are not
If the required reserve ratio is 4 percent, then $100 of reserves can support up to $2,500 of checkable deposits
a. True b. False Indicate whether the statement is true or false
Reduced U.S. tastes for European goods would ____ the supply of euros and ____ the demand for euros. a. decrease; increase
b. not change; increase. c. increase; increase. d. not change; decrease.