Normative economics
A) is never studied at the undergraduate level.
B) involves value judgments.
C) is always objective.
D) cannot be applied to all economic problems.
Answer: B
Economics
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The law of demand states that:
a. as the price of a good increases, more units are demanded. b. there is a direct relationship between the price of a good and the quantity of the good produced. c. there is a negative relationship between the price of a good and the quantity of the good demanded. d. there is an increase in the need for a good as the price of the good increases.
Economics
Figure 5-13
In Figure 5-13, the consumer can afford any combination of X and Y represented by a point
a.
on line AB only.
b.
on or below line AB.
c.
on or above line AB.
d.
anywhere on the graph.
Economics