"Ensuring that Social Security is financially sound for future generations is an important use of taxpayer dollars" is an example of a
a. normative economic statement.
b. positive economic statement.
c. statement made by an economist working as a scientist.
d. judgment based on evaluation of evidence, not values.
a
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In the classical model, the aggregate supply curve is
A) horizontal. B) vertical. C) upward sloping. D) downward sloping.
What is the relationship between the marginal social benefit curve and the market demand curve. Explain
What will be an ideal response?
"I'm tired of eating muffins for breakfast. Today, I'm trying a bagel." These statements most clearly reflect the:
a. law of increasing returns to scale. b. second law of demand. c. law of diminishing marginal utility. d. law of comparative advantage.
Which of the following is an example of a good with elastic supply in the short run?
(A) Plums (B) Large hand-made rugs (C) Passenger airplanes (D) Sandwiches