Whenever statements embodying values are made, we enter the realm of
A) positive economics.
B) normative economics.
C) microeconomics.
D) macroeconomics.
Answer: B
Economics
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Between 1980 and the early 1990s, the national debt
a. as a percentage of GDP, decreased b. remained fairly constant c. as a percentage of GDP, remained relatively unchanged d. as a percentage of GDP, increased e. declined
Economics
If real money demand doubles while the nominal money supply is unchanged, what happens to the price level?
A. The price level increases by a factor of four. B. The price level is unchanged. C. The price level doubles. D. The price level falls by one-half.
Economics