Economists speaking like policy advisers make
a. claims about how the world is.
b. descriptive statements.
c. normative statements.
d. More than one of the above is correct.
c
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If a straight-line demand curve slopes down, price elasticity will:
a. remain the same at all points on the demand curve. b. change between any two points along the demand curve. c. always be greater than one. d. always equal one. e. always be less than one.
Refer to the table below. If the profit for each unit of paper product is $2 and the profit for each unit of lumber is $5, the profit-maximizing quantity of lumber and paper products is located between which to points on Big Oaks' production possibilities frontier?
Big Oaks can produce either paper products or lumber with each tree that they harvest. Because Big Oaks can adjust the amount of paper products and lumber they produce from the harvested trees, paper products and lumber are produced in variable proportions. The above table summarizes Big Oaks production possibilities from each harvested tree.
B and C
B) A and B
C) C and D
D) D and E