From the nineteenth century until the 1930s, the United states most consistently adhered to
A) the Bretton Woods system. B) a managed-float exchange rate system.
C) a freely-floating exchange rate. D) the gold standard.
D
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All of the following are assumptions of the production possibilities curve EXCEPT
A) resources are fully employed. B) there is a fixed time period. C) there is a fixed level of technology. D) there is a fixed demand for the products.
What type of questions can be answered with economic tools without interjecting any value judgment as to whether the particular outcome is desirable or harmful?
A. econometric questions B. labor questions C. normative questions D. public policy questions E. positive questions
Number of workersUnits of output0012525539541255150
Refer to Table 5.2, which gives a firm's production function. Assume that all non-labor inputs are fixed. The marginal product of the fifth worker is:
A. 0 units. B. 10 units. C. 25 units. D. 30 units.
Positive economics is:
A. more objective than normative economics. B. more subjective than normative economics. C. neither objective nor subjective. D. subjective.