A country must always have an absolute advantage in some product
Indicate whether the statement is true or false
F
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Explain the differences between positive economic analysis and normative economic analysis. Which of these approaches do economists generally adhere to and why?
What will be an ideal response?
The figure below shows the supply and demand curves for oranges in Smallville.
At the price of $4 per pound, sellers offer ________ pounds of oranges per day, and buyers want to purchase ________ pounds of oranges a day.
A. 10; 20 B. 10; 30 C. 20; 20 D. 30; 10
Along the classical or vertical range of the aggregate supply curve, an increase in the aggregate demand curve will increase:
A. both the price level and real GDP. B. only real GDP. C. only the price level. D. real GDP and reduce the price level.
Refer to the above figure. Line EBD is called
A. the 45-degree line. B. the saving function. C. aggregate demand. D. the consumption function.