When economists make
a. positive statements, they are speaking not as policy advisers but as scientists.
b. positive statements, they are speaking not as scientists but as forecasters.
c. normative statements, they are speaking not as policy advisers but as scientists.
d. normative statements, they are speaking not as policy advisers but as model-builders.
a
You might also like to view...
Creative destruction:
A) leads to the benefit of all economic agents. B) is more likely in an economy with extractive institutions. C) leads to losses of all economic agents. D) is more likely in an economy with inclusive institutions.
At the long-run equilibrium output level, a monopolistically competitive firm's average total cost curve
a. lies below the demand curve b. is tangent to (just touches but does not cross) the demand curve c. crosses the demand curve from below d. crosses the demand curve from above e. is at its minimum point
The highest valued alternative option that must be given up in order to choose an action is called its
a. utility.
b. opportunity cost.
c. capital.
d. ceteris paribus
Answer the following statements true (T) or false (F)
1) A nation that realizes a 3 percent increase in its output per person is experiencing modern economic growth. 2) Output per person has grown steadily since the beginning of the Roman Empire. 3) China's GDP per person in 2011 was about one-third of U.S. GDP per person in the same year. 4) Economists refer to purchases of stocks and bonds as "investment."