Most economists' disagreements are a result of:
A) factual considerations.
B) positive economics.
C) the scientific method.
D) normative considerations.
Ans: D) normative considerations.
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Which of the following is not a renewable resource?
a. salmon b. coal c. oak trees d. cattle e. solar energy
One of the key criteria used to distinguish among different economic systems is:
a. how are allocation decisions made. b. when are allocation decisions made. c. where are allocation decisions made. d. what allocation decisions are made.
In the economic way of thinking, a rise in the real output of final goods and services can be associated with
A) a fall in the price level. B) a rise in nominal GDP. C) a rise in the price level. D) a fall in nominal GDP. E) any of the above.
The long-run industry supply curve in perfect competition is derived from the
a. short-run industry supply curve which shifts as new firms enter the industry. b. short-run industry supply curve which shifts as old firms exit the industry. c. freedom of firms from sunk costs so that new cost curves become long-run curves. d. All of the above reasons.