________ economics prescribes what an individual or society ought to do
A) Normative B) Behavioral C) Positive D) Negative
A
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A tax system under which an individual pays a higher fraction of his income in taxes at higher levels of income is formally described as
a. digressive. b. progressive. c. proportional. d. regressive.
In a certain economy, jam and bread are produced, and the economy currently operates on its production possibilities frontier. Which of the following events would allow the economy to produce more jam and more bread, relative to the quantities of those goods that are being produced now?
a. Unemployed labor is put to work producing jam and bread. b. The economy puts its idle capital to work producing jam and bread. c. The economy experiences economic growth. d. All of the above are correct.
The central element of the oligopoly model is that each firm produces a differentiated product.
Answer the following statement true (T) or false (F)
The division of productive activities among persons and regions so that no one individual or area is totally self-sufficient is known as
A) advantage-taking. B) comparative value. C) specialization. D) outsourcing.