A statement describing how the world should be
a. is a normative statement.
b. is a positive statement.
c. would only be made by an economist speaking as a scientist.
d. would only be made by an economist employed by the government.
a
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Oligopolies can result from any of the following EXCEPT
A) economies of scale. B) vertical mergers. C) government regulation. D) diseconomies of scale.
When the price of bread increases by 3 percent, the quantity demanded of crackers increases by 2 percent. The cross elasticity of demand between crackers and bread is:
a. 0.67. b. 1.5. c. 2.5. d. 3.2. e. 5.0.
Changes in relative prices create substitution effects
a. True b. False Indicate whether the statement is true or false
The poverty rate in 2008 was _________ the poverty rate in 1960.
A. much lower than B. a little lower than C. about the same as D. a little higher than