An economic hypothesis:
a. can be tested using empirical analysis
b. can be tested using normative analysis.
c. cannot be tested since it is normative in nature.
d. cannot be tested since it is a positive economic statement.
a
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If the nominal wage is $30 in 2011 and the CPI is 202 in 2011, then the real wage in 1982-1984 dollars
A) is $14.85. B) is $30. C) is $1.48. D) is $29.00. E) cannot be calculated without the past year wage rate.
When the cost of producing a unit of a good decreases as its output rate increases, there are economies of
A) scale. B) scope. C) production. D) size.
When quantity demanded increases at every possible price, the demand curve a. shifts to the left
b. shifts to the right. c. there is a movement along the given demand curve. d. none of the above.
In the former Soviet Union, nearly all resources were owned by
A. the government. B. business firms. C. individuals. D. foreigners.