A normative statement deals with:
A) the facts.
B) what was, is, or will be.
C) what ought to be.
D) the scientific method
Ans: C) what ought to be.
Economics
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Which of the following would be considered a variable input in the short run? a. The size of a firm's plant
b. The acreage of an apple farmer's orchard. c. The production capacity of a machine. d. None of the above.
Economics
Figure 5-16
In Figure 5-16, a decrease in the price of apples will
a.
shift Adam's budget constraint out.
b.
make Adam's budget constraint steeper.
c.
shift Adam's indifference curves out.
d.
make Adam's budget constraint flatter.
Economics