Economists speaking like scientists make
a. positive statements.
b. prescriptive statements.
c. claims about how the world should be.
d. More than one of the above is correct.
a
Economics
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The compensation variation and equivalent variation will be closer to each other when
A) the income elasticity is greater. B) the budget share is greater. C) the price change is smaller. D) the income elasticity is smaller.
Economics
Other things equal, an increase in aggregate spending tends to be associated with:
a. cost-push inflation. b. an economic depression. c. a lower level of equilibrium real GDP. d. demand-pull inflation. e. an increase in the quality of goods and services produced.
Economics