Which of the following is a statement of positive economics?
a. I hope unemployment comes down soon.
b. President X's way of dealing with unemployment is better than President Y's.
c. I think everyone should sacrifice to reduce the deficit.
d. If taxes are reduced, unemployment will drop.
d
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Suppose the economy's production function is Y = AK0.3N0.7. If K = 2000, N = 100, and A = 1, then Y = 246. If K and N both rise by 20%, and A is unchanged, by how much does Y increase?
A) 5% B) 10% C) 15% D) 20%
An expenditure maximizing multi-product firm will set the same relative prices as a welfare maximizing firm
Indicate whether the statement is true or false
If not recycled, an input used in production ultimately winds up as a waste product
a. True b. False Indicate whether the statement is true or false
In many circumstances, prisoners are not allowed to possess cash. Does this mean there is no money in prison? Explain