A statement describing how the world should be
A. is a positive statement.
B. would only be made by an economist employed by the government.
C. is a normative statement.
D. would only be made by an economist speaking as a scientist.
Answer: C. is a normative statement.
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What are the conditions that define a monopoly?
What will be an ideal response?
Based on the graph above, suppose the economy is at point 2, then output falls to 10 and there is a price shock of one percent. The inflation rate next period will be ________ percent
A) 5 B) 3.5 C) 4.5 D) 4 E) none of the above
According to the graph shown, when this economy is open to free trade without restriction, the amount imported is:
This graph demonstrates the domestic demand and supply for a good, as well as a quota and the world price for that good.
A. 900.
B. 1250.
C. 650.
D. 1000.
For something to be considered money it must be:
A. Can be used to barter. B. Generally accepted as a medium of exchange. C. Has value. D. A government declares to have value.