The art of economics is:
A. purely technical and therefore more objective than positive or normative economics.
B. the application of the knowledge gained by positive economics to the goals set in normative economics.
C. the branch of economics farthest removed from practical application, since its goal is to create the most elegant mathematical models.
D. purely subjective so that the economist does not have to strive for the same level of objectivity that positive or normative economists do.
Answer: B
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Opening trade between two nations would:
a. shift their production possibilities curves outward. b. shift their production possibilities curves inward. c. leave the production possibilities unchanged and increase their consumption possibilities. d. leave the production possibilities unchanged and decreased their consumption possibilities.
Devaluation of a currency stimulates exports
Indicate whether the statement is true or false
One of the reasons government debt is different from individual debt is:
A. the government debt is unrelated to income. B. all government debt is owed to other government agencies. C. government never really needs to pay back its debt. D. government does not pay interest on its debt.
Favorable expectations about future sales will cause higher investment, ceteris paribus.
Answer the following statement true (T) or false (F)