Which of the following statements about positive economic analysis is false?
A) There is much more disagreement among economists over normative economic analysis than over positive economic analysis.
B) Positive analysis uses an economic model to estimate the costs and benefits of different course of actions.
C) Unlike normative economic analysis, positive economic analysis can be tested.
D) There is much more disagreement among economists over positive economic analysis than over normative economic analysis.
D
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Suppose demand can be described with the equation Q = 900?5P and supply with the equation Q = 100 + 5P. Complete the following table. Determine the equilibrium price and quantity. ? Quantity Quantity Surplus/ Price Demanded Supplied Shortage $100 _____ _____ _____ 95 _____ _____ _____ 90 _____ _____ _____ 85 _____ _____ _____ 80 _____ _____ _____ 75 _____ _____ _____ 70 _____ _____ _____ 65 _____ _____ _____ 60 _____ _____ _____ ? ?
What will be an ideal response?
An increase in the price level shifts the aggregate demand curve to the left
Indicate whether the statement is true or false
According to the text, data supports the conclusion that lower trade barriers
A) help boost per capita real Gross Domestic Product (GDP) growth. B) help to increase welfare payments. C) decrease the standard of living in the country. D) decrease life expectancy.
If the Japanese yen depreciates against the U.S. dollar
A) the price of Japanese imports to the United States decreases. B) the price of United States exports to Japan decreases. C) the price of Japanese imports from the United States will decrease. D) there is no change in the price of Japanese exports to the United States.