Normative economics looks at outcomes of economic behavior and evaluates them as good or bad.
Answer the following statement true (T) or false (F)
True
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The presence of discouraged workers
A. may cause the official unemployment rate to understate the true amount of unemployment. B. reduces the size of the labor force but does not affect the unemployment rate. C. may cause the official unemployment rate to overstate the true amount of unemployment. D. increases the size of the labor force but does not affect the unemployment rate.
Refer to Figure 3-4. At a price of $25, how many units will be supplied?
A) 400 B) 500 C) 600 D) 800
Compared to the market demand curve, a demand curve facing a monopolistically competitive firm would be
a. more elastic. b. vertical. c. horizontal. d. the same as the market demand curve. e. less elastic.
Suppose a country has had a high and relatively stable inflation rate for a long time. How might this affect the costs and benefits of inflation reduction?