You know an economist has crossed the line from policy adviser to scientist when he or she
a. claims that the problem at hand is widely misunderstood by non-economists.
b. makes positive statements.
c. talks about values.
d. makes a claim about how the world should be.
b
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Suppose a monopolist faces the demand curve shown below. If you were to draw the monopolist's marginal revenue curve, it would:
A. intersect the horizontal axis at 35. B. intersect the vertical axis at $35. C. lie on top of the demand curve. D. have a slope equal to the reciprocal of the slope of the demand curve.
The economically efficient car is the one with the lowest emissions
a. True b. False Indicate whether the statement is true or false
Suppose that the economy experiences an increase in the inflation rate at the same time that the unemployment rate decreases. This situation indicates a:
a. shift in the Phillips curve. b. movement along a vertical Phillips curve. c. movement along a horizontal Phillips curve. d. movement along a positively-sloped Phillips curve. e. movement along a negatively-sloped Phillips curve.
The relationship between advertising and product differentiation is
a. positive; the more differentiated the product, the more a firm is likely to spend on advertising. b. negative; the more differentiated the product, the less a firm is likely to spend on advertising. c. zero; there is no relationship between product differentiation and advertising. d. irrelevant; firms with differentiated products do not need to advertise.