Analysis that is limited to making either purely descriptive statements or scientific predictions is
A) positive economics.
B) normative economics.
C) microeconomics.
D) macroeconomics.
A
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According to the real business cycle theory, the supply side shock from dramatic increases in oil prices in the 1970s led to higher unemployment because
A) when the real wage, W/P, fell, workers chose leisure. B) when the real wage, W/P, rose, workers chose leisure. C) workers increase Pe. D) None of the above.
The addition to total revenue resulting from one more unit of output is called marginal revenue
a. True b. False Indicate whether the statement is true or false
According to Figure 17.7, a shift in the long-run aggregate supply from LRAS1 to LRAS2 would most likely result from
A. An increase in the money supply. B. A decrease in transfer payments. C. An increase in labor skills. D. An increase in government spending.
Refer to the information provided in Table 3.1 below to answer the question(s) that follow. Table 3.1Price per PizzaQuantity Demanded (Pizzas per Month)Quantity Supplied (Pizzas per Month)$31,200 600 61,000 700 9 800 80012 600 90015 4001,000Refer to Table 3.1. In this market there will be an excess demand of 300 pizzas at a price of
A. $6. B. $9. C. $12. D. $15.