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Positive statements are ________.

a. microeconomic

b. macroeconomic

c. statements of prescription that involve value judgments

d. statements of description that can be tested

d. statements of description that can be tested...

Posted by Cleveland on August 29, 2024

In making which of the following statements is an economist acting more like a scientist?

a. The rate of inflation should be reduced because it robs the elderly of their savings.

b. The state should increase subsidies to universities because the future of our country depends on education.

c. The unemployment rate should be reduced because unemployment robs individuals of their dignity.

d. A reduction in unemployment benefits will reduce the unemployment rate.

d. A reduction in unemployment benefits will reduce the unemployment rate....

Posted by Cleveland on August 29, 2024

Which of the following statements is normative?

a. Large government deficits cause an economy to grow more slowly.

b. The unemployment rate should be lower.

c. People work harder if the wage is higher.

d. Printing too much money causes inflation

b) The unemployment rate should be lower...

Posted by Cleveland on August 29, 2024

Which of the following statements about microeconomics and macroeconomics is not true?

a. The study of very large industries is a topic within macroeconomics.

b. Microeconomics and macroeconomics cannot be entirely separated.

c. Macroeconomics is concerned with economy-wide phenomena.

d. Microeconomics is a building block for macroeconomics.

a. The study of very large industries is a topic within macroeconomics...

Posted by Cleveland on August 29, 2024

Which of the following issues is related to microeconomics?

a. The impact of oil prices on auto production

b. The impact of the deficit on saving

c. The impact of the quantity of money on inflation

d. The impact of technology on economic growth

a) The impact of oil prices on auto production...

Posted by Cleveland on August 29, 2024

Use the Exhibit image to answer the question.

As we move from point A to point D, ________.

a. the opportunity cost of eggs in terms of bacon is constant

b. the opportunity cost of eggs in terms of bacon falls

c. the opportunity cost of eggs in terms of bacon rises

d. the economy becomes more efficient

e. the economy becomes less efficient

b. the opportunity cost of eggs in terms of bacon rises...

Posted by Cleveland on August 29, 2024

Use the Exhibit image to answer the question.

Point F represents ________.

a. a combination of production that can be reached if we reduce the production of eggs by 20 units

b. a combination of production that is inefficient because there are unemployed resources

c. a combination of production that can be reached if there is a sufficient advance in technology

d. none of the answer choices

a combination of production that can be reached if there is a sufficient advance in technology...

Posted by Cleveland on August 29, 2024

Use the Exhibit to answer the question.

If the economy were operating at point E, ________.

a. 20 additional units of eggs can be produced with no impact on bacon production

b. the opportunity cost of 20 additional units of eggs is 10 units of bacon

c. the opportunity cost of 20 additional units of eggs is 30 units of bacon

d. the opportunity cost of 20 additional units of eggs is 20 units of bacon

a) 20 additional units of eggs can be produced with no impact on bacon production...

Posted by Cleveland on August 29, 2024

Use the Exhibit to answer the question.

If the economy is operating at point C, the opportunity cost of producing an additional 15 units of bacon is ________.

b) 20 units of Eggs...

Posted by Cleveland on August 29, 2024

Economic growth is depicted by ________.

a. a movement from inside the production possibilities frontier toward the frontier

b. a shift in the production possibilities frontier outward

c. a movement along a production possibilities frontier toward consumption goods

d. a shift in the production possibilities frontier inward

b) a shift in the production possibilities frontier outward...

Posted by Cleveland on August 29, 2024

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