Is optimization analysis positive or normative, or both? Explain your answer
What will be an ideal response?
Optimization is a good positive (that is, descriptive) model of economic behavior in most, though not all, situations. Sometimes people fail to optimize, for example, when they use average net benefit instead of marginal net benefit to make a choice. On the other hand, optimization is always a useful normative model. People will be better off if they are taught to optimize.
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TANF sends block grants of a fixed amount from the federal government to the states
Indicate whether the statement is true or false
The Federal Reserve Board of Governors has:
a. seven members who serve 6-year terms. b. 12 members who serve 14-year terms. c. seven members who serve 4-year terms. d. 12 members who serve 4-year terms. e. seven members who serve 14-year terms.