When analyzing a problem, if an economist is attempting to understand whether or not an action was fair or just, the economist is thinking
A. negatively.
B. positively.
C. normatively.
D. justifiably.
Answer: C
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A redistributive program that taxes the rich and gives to the poor _____
a. is an example of equality of opportunity in action b. is an example of equality of results in action c. is an example of the an economically efficient transfer d. is an example of a procedural theory of justice in action
A disadvantage of moving too quickly is that
A) costs of entry are higher. B) the likelihood of misunderstanding the demand is greater. C) followers gain an advantage by learning from the first-mover. D) All of the above.
Which of the following would cause the demand for loanable funds to increase?
a) A reduction in consumer confidence that causes people to save more. b) A new investment tax credit for businesses to expand. c) A major sporting event in town that causes people to withdrawl money from their bank accounts. d) A reduction in government spending.
Sam owns a taco restaurant, and he conducted a consumer survey that indicates that the price elasticity of demand for his restaurant is 3.5. You would advise Sam to
A. Lower his price to increase revenue. B. Keep his price the same to maximize revenues. C. Offer more high-priced products. D. Raise his price to increase revenues.