The statement, "Violent crime has decreased in the last five years," is:
a. obviously wrong and, therefore, cannot be a positive statement.
b. normative since it can be answered by simply looking at the facts.
c. positive because it is testable.
d. not very interesting because all normative issues are of little importance.
c
Economics
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In the above figure, when the economy is in a long-run equilibrium, the price level will be
A) 90. B) 100. C) 110. D) 120.
Economics
In common value auctions
a. Every bidder know the value of the object being sold b. Each bidder makes the same estimate of the value of the good c. All bidders know the estimates of the others d. The true value of the item is common across bidders
Economics