Positive economics
A) always gives an optimistic spin to economic news.
B) is concerned with the economic policies that should be implemented.
C) is objective.
D) was not used by nineteenth century economists.
C
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Stefano has just completed an original oil painting. After considering the costs for brushes, paint, canvas, and the value of Stefano's labor time, the marginal cost of the painting is $1,000. Lucky Stefano. One art lover paid him $1,500
How much producer surplus did Stefano obtain? A) The amount of producer surplus cannot be determined from the information given. B) $1,500 C) $1,000 D) $500
A shift in tastes toward American goods ________ net exports in the U.S. and causes the IS curve to shift to the ________ in the U.S., everything else held constant
A) decreases; right B) decreases; left C) increases; right D) increases; left
Government attempts to lower, raise, or simply stabilize prices can:
A. shift the distribution of surplus. B. create unintended side effects. C. reduce efficiency of a market. D. All of these are true.
Neoclassical economics and behavioral economics disagree on the following assumptions, except:
A. Rationality of people B. Determinants of prices C. Stability of people's preferences D. Strength of people's willpower