The distinction between positive and normative economics
a. is that positive economics applies only to microeconomic problems
b. is that normative economics applies only to microeconomic problems
c. is the difference between an assumption and a conclusion
d. helps us understand why economists sometimes disagree with one another
e. explains why economics is not a social science
D
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If the marginal propensity to consume (MPC) is 4/5, the value of the simple multiplier is: a. 4
b. 1/5. c. 4/5. d. 5/4. e. 5.
The patent system is intended to: a. prevent natural monopolies from unfairly exploiting their cost advantages. b. reward innovators by granting them temporary monopolies
c. spread information among firms as quickly and economically as possible. d. give small businesses a competitive edge over larger businesses.