Value judgments in economics:
A. are essential parts of positive economics.
B. can be avoided through the use of normative economics.
C. are necessary when objective analysis cannot address a question.
D. can always be avoided with the use of objective analysis.
Answer: C
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In the above figure, if no government intervention occurs, at the unregulated competitive market equilibrium, there is an
A) external marginal benefit of $2. B) external marginal cost of $2. C) external marginal benefit of $1. D) external marginal cost of $3.
In the early 1930s
A) countries that abandoned the gold standard suffered severe inflation. B) countries that tried to defend the gold standard suffered more depression than countries that abandoned the gold standard. C) the gold standard was abandoned by every major industrial country except England. D) the United States was the first major industrial country to abandon the gold standard.