Analysis that involves value judgments about economic policies is
A) positive economics.
B) normative economics.
C) microeconomics.
D) macroeconomics.
Answer: B
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The price system automatically leads to an efficient allocation of inputs among the different production processes.
Answer the following statement true (T) or false (F)
A binding price floor creates
a. deadweight loss. b. consumer surplus. c. producer surplus. d. deadweight gain.
The parity price ratio in the 1990s is
a. approximately 100 percent of the 1910–1914 ratio b. less than the 1980s ratio but higher than the ratio of previous decades c. less than the ratio of previous decades d. approximately twice the ratio of the 1980s e. actually negative
A business enterprise in which employees must belong to the union before they can be hired is
A) a closed shop. B) a union shop. C) a jurisdictional dispute. D) an industrial union.