Which of the following contains only normative statements?
a. The birth rate is reduced as economies urbanize, but that also leads to a decreased average age of developing countries' populations.
b. An increase in the price of corn will decrease the amount of corn purchased. However, it will increase the amount of wheat purchased.
c. A decrease in the price of butter will increase the amount of butter purchased, but that would be bad because it would increase Americans' cholesterol levels.
d. None of the above contain only normative statements.
d
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Assume a country produces two types of goods: manufactured goods and agricultural goods. When this country experiences economic growth, we know that
A) the production possibilities curve will shift inward. B) there will be movement along the curve toward more agricultural goods. C) there will be a movement along the curve toward more manufactured goods. D) the production possibilities curve will shift outward.
Why does each of these gas stations have so little control over the price of the gasoline they sell?
What will be an ideal response?
Which of the following is not a determinant of Investment spending?
A. Real income B. Interest rates C. Taxes D. Expected profitability
Factory workers who work the day shift earn less per hour than similarly-skilled factory workers who work the night shift. The difference in pay is attributed to
a. the marginal product of labor. b. the marginal product of capital. c. diminishing marginal returns. d. a compensating differential.