Economics is primarily:
A. an observational science.
B. a normative science.
C. a natural science.
D. a laboratory science.
Answer: A
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Suppose that the price of capital falls. Does this necessarily imply that the demand for laborwill fall? Explain
What will be an ideal response?
A monopolist can sell 20 units a week at a price of $10 per unit. To sell 21 units a week, it would have to lower its price to $9 per unit. The marginal revenue of the 21st unit would be: a. $9
b. -$11. c. -$12. d. -$20.
Other things being constant, countries with higher rates of saving
a. will have smaller GDPs than countries with lower rates of saving. b. will have higher rates of investment, but slower growth. c. will have higher rates of investment and growth. d. will be operating at less than full employment and potential output.
Figure 14-8
Refer to . There is excess money demand at an interest rate of
a.
2 percent.
b.
3 percent.
c.
4 percent.
d.
None of the above is correct.