The difference between economists speaking as scientists or policy advisers boil down to the difference between
a. assumptions and theories.
b. true statements and false statements.
c. specific statements and general statements.
d. positive statements and normative statements.
d
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What is the relationship between the balance of trade and the current account balance?
What will be an ideal response?
The costs associated with the user cost of capital include all of the following except
A) the real price of the capital good. B) the expected change in the marginal cost of capital based on expectations of the future. C) the real interest cost of borrowing to finance the purchase of the capital good. D) the depreciation costs associated with actually using the capital good.
Algebraically, the relationship between imports and income can be written as
A. Y = mIM. B. IM = m/Y. C. IM = Y/m. D. IM = mY.
When measuring income for the purpose of classifying people as poor, the measurement of income used is
A. money income. B. cash income and noncash transfer payments. C. comprehensive income. D. economic income.