When economists make
a. positive statements, they are speaking not as policy advisers but as scientists.
b. positive statements, they are speaking not as scientists but as forecasters.
c. normative statements, they are speaking not as policy advisers but as scientists.
d. normative statements, they are speaking not as policy advisers but as model-builders.
a
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A successful cartel ____ supply so that member firms earn ____ profits
a. restricts; monopoly b. expands; monopoly c. restricts; no economic d. expands; no economic
Both Dave and Caroline produce sweaters and socks. If Dave's opportunity cost of 1 sweater is 3 socks and Caroline's opportunity cost of 1 sweater is 5 socks, then
a. Dave has a comparative advantage in the production of sweaters. b. Caroline has a comparative advantage in the production of sweaters. c. Dave has a comparative advantage in the production of socks. d. Dave has a comparative advantage in the production of both sweaters and socks.