Which is a primary use for national income accounting?
A. To determine whether there is a fair and equitable distribution of income in the economy.
B. To assess the economic efficiency of specific industries in the economy.
C. To measure changes in the value of goods and services produced in the economy.
D. To analyze the environmental cost of economic growth.
Answer: C
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Positive economic analysis answers what question?
What will be an ideal response?
The faster an automobile is driven (speed), the lower the miles per gallon (mpg) for that automobile. Given this information, we say that an automobile's speed and mpg have
A) a direct relationship B) an inverse relationship C) a linear relationship D) a maximum relationship
Which of the following is a positive rather than a normative question?
A. Should trade unions be allowed to lobby Congress? B. Should the United States allow unlimited immigration? C. Should the "Highly Qualified Teacher" provision of No Child Left Behind be eliminated? D. Should there be a minimum wage? E. What effect does increasing welfare assistance by 20% have on female labor supply?
Refer to above figure. Would you expect to find that the real wages become equalized in both countries? Explain the reason for any differences you note
What will be an ideal response?