Normative economic analysis involves
A) positive analysis.
B) value judgments.
C) if-then statements.
D) objective descriptions of the way things are.
Answer: B
Economics
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A recessionary output gap is defined to be when:
A. equilibrium aggregate expenditure is below full employment GDP. B. equilibrium aggregate expenditure is equal to full employment GDP. C. equilibrium aggregate expenditure is above full employment GDP. D. government spending is insufficient causing a gap in GDP.
Economics
Explain why abrupt changes in farm output have a magnified effect on market prices.
What will be an ideal response?
Economics