Which of the following statements is TRUE regarding the textbook used in this course?
A) The textbook presents only economic theory, so no value judgments are involved in the text.
B) The textbook does not include normative statements.
C) The microeconomic section of the book includes only positive analysis while the macroeconomic section includes normative analysis.
D) The selection of topics included in the book involves value judgments as well as economic theory.
Answer: D
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Wages are sticky when:
What will be an ideal response?
The formula for a real percentage change is
A. the nominal percentage change plus the inflation rate. B. the nominal percentage change multiplied by the inflation rate. C. the nominal percentage change minus the inflation rate. D. the nominal percentage change divided by the inflation rate.
Southern agriculture differed markedly from agriculture in the rest of the country before the Civil War in each of these respects EXCEPT
A. it had, on the average, larger farms. B. it had slavery. C. it had different major crops. D. it had more subsistence farming.
A tariff can be defined simply as a
a. tax on imports. b. tax on exports. c. legal limit on imports. d. legal limit on exports.