Positive analysis:
A. involves the formulation and testing of hypotheses.
B. involves value judgments concerning the desirability of alternative outcomes.
C. weighs the fairness of a policy.
D. examines if the outcome is desirable.
A. involves the formulation and testing of hypotheses.
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If Best Lights and Bright Lights are competing in a duopoly and it is always best for Best Lights to charge a price of $4 regardless of the price Bright Lights charges, then charging $4 is ________ for Best Lights.
A) a pure, but not dominant strategy B) a dominant, but not pure strategy C) a dominant and pure strategy D) neither a dominant nor pure strategy
Income received but not earned is
a. national income b. personal income c. personal disposable income d. indirect business taxes e. transfer payments
Sugar price supports primarily benefit consumers
a. True b. False Indicate whether the statement is true or false
According to purchasing-power parity, inflation in the U.S. causes the dollar to
a. depreciate relative to all other currencies. b. depreciate relative to currencies of countries that have lower inflation rates. c. appreciate relative to all other countries. d. appreciate relative to currencies of countries that have lower inflation rates.