Trade barriers should be removed to promote the welfare of the country. This is a(n)
A) positive statement.
B) negative statement.
C) inverse statement.
D) normative statement.
D
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Over time in a growing economy, the long-run aggregate supply curve will
A) become horizontal at the long-run potential price level. B) shift rightward. C) shift leftward. D) become increasingly steep.
Suppose that antitrust laws were successful in moving the allocation of resources in the computer software industry closer to the social optimum. This situation would illustrate which of the following Ten Principles of Economics?
a. Trade can make everyone better off. b. The cost of something is what you give up to get it. c. Governments can sometimes improve market outcomes. d. A country's standard of living depends on its ability to produce goods and services.