Economists disagree about whether increasing the minimum wage is a good idea, because they put different weight on the importance that the negative impacts have relative to the positive impacts. As such, the disagreements are usually over
a. normative issues
b. positive issues
c. the mathematical calculations in an economic model
d. whether microeconomics or macroeconomics is more important
e. whether economic theory is useful in explaining the behavior of actors in the economy
A
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In the short run, the firm has no more than one fixed input.
Answer the following statement true (T) or false (F)
Changes in aggregate demand
A) could be caused by changes in the spending decisions of the households, businesses, the government, and foreigners. B) are very uncommon. C) are unlikely to change quickly in response to economic events. D) are primarily based on changes in firms' abilities to produce products. E) are not affected by changes in government policies.
Under the Sarbanes-Oxley Act of 2002, the provision that established the PCAOB to supervise accounting firms is an example of
A) regulate for transparency. B) supervisory oversight. C) separation of functions. D) socialization of information production.
If the quantity demanded of milk is 55,000 and the quantity supplied of milk is 80,000, then:
A. there is an excess supply of 25,000 units of milk. B. the price of milk will tend to rise to clear the market. C. consumers get the milk they want so market equilibrium exists. D. there is an excess demand of 25,000 units of milk.