A statement that "All children should receive free health care" is an example of what kind of statement?
A) a fair statement
B) a natural experiment statement
C) a normative statement
D) a positive statement
E) a statement on the margin
C
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The "stagflation" of the 1970s ________ Keynesian macroeconomics until the Keynesians started to build the consequences of changing inflationary expectations and ________ shocks into their models
A) reinforced the dominance, supply B) reinforced the dominance, demand C) deepened the eclipse, supply D) deepened the eclipse, demand
If the production of paper causes economic damage to a community, allowing the market to set the price of paper equal to the private marginal cost of producing paper will
a. generate less than the optimal quantity of paper produced b. generate more than the optimal quantity of paper produced c. generate an equilibrium price that is higher than the price associated with the market's most efficient level of output d. cause some but not all paper producers to go out of business e. benefit society because of externalities generated by the production