Which word or phrase indicates that an economist is using positive economics?
a. Bad
b. Good
c. If-then
d. Should
c
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Refer to Scenario 7.3. Suppose that your firm decides to double its output to 400. To achieve this level of output the firm will have to:
A) exactly double its inputs. B) more than double its inputs. C) less than double its inputs.
The idea that people change their behavior in response to taxes is
A. highly controversial among economists. B. accepted by economists, but debated by those in Congress. C. uncontroversial among economists. D. None of these statements is true.
The short-run equilibrium price level and real GDP is derived where the short-run aggregate supply (SRAS) curve intersects the long-run aggregate supply (LRAS) curve
Indicate whether the statement is true or false
Suppose the economy is closed and consumption is 8 million, taxes are 2 million, and government purchases are 1.75 million. If national saving amounts to 1.25 million, then what is GDP?
a. 9 million. b. 9.5 million. c. 13 million. d. 11 million.