The distinction between positive and normative economics
a. is that positive economics applies only to microeconomic problems
b. is that normative economics applies only to microeconomic problems
c. is the difference between an assumption and a conclusion
d. helps us understand why economists sometimes disagree with one another
e. explains why economics is not a social science
D
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Which of the following must cope with scarcity?
A. Individuals B. Companies C. Governments D. Families E. All of the responses are correct.
When optimizing in levels, if the ________ exceeds the ________, Project A is chosen over Project B
A) marginal benefits of Project B; marginal benefits of Project A B) net benefits of Project A; net benefits of Project B C) total benefits of Project A; total benefits of Project B D) marginal cost of Project A; marginal costs of Project B
Why is it necessary for all economic systems to not only provide people with goods and services, but also restrict them from getting as much of these goods and services as they wish?
A) Failure to do this could lead to drastic shortages of goods and services. B) Failure to do this could reduce the efficiency of the system by producing some goods and services that are not as highly valued as others. C) Failure to do this could reduce efficiency and lead to an inequitable allocation of output. D) Failure to do this could lead to an inequitable allocation of goods and services produced.
The principal objective of WTO is to:
a. reduce the level of all tariffs. b. establish fair prices for all goods traded internationally. c. prevent the trading of services across nations' borders. d. encourage countries to establish quotas.