Normative statement Study guides, Class notes & Summaries

Microeconomics can be described as the study of... A) How households and firms make decisions and how they interact in individual markets. B) How well markets work C) How firms and households make choices in the face of scarcity. D)All of the above. - ACCURATE ANSWERD) All of the above Which of the following is most likely a macroeconomic topic? A) The role of the Reserve Bank in controlling inflation. B) Who gains and who loses from international trade C) What the "optimal" amou...

RNAS C Practice Test Review 437 Questions with Verified Answers A capacitor and resisitor in parallel - CORRECT ANSWER will have same voltage across since in parallel. if in series, voltage drops would occur they can be treated together If the absolute pressure of a gas is increased from 3 atm to 4 atm at constant volume, then the absolute temperature of the gas will increase by: A. 25%. B. 33%. C. 67%. D. 75% - CORRECT ANSWER B. Assuming the validity of the Ideal-Gas law, PV = n...

Economy-wide phenomena including inflation, unemployment and economic growth" is what type of economics? - ACCURATE ANSWERMacroeconomics "The study of how house holds and firms make decisions and how they interact in markets" is what type of economics? - ACCURATE ANSWERMicroeconomics What is Positive Analysis? - ACCURATE ANSWERA statement describing how something is What is Normative Analysis? - ACCURATE ANSWERA statement describing how something should be Which of the following i...

Economists use the term "utility" to refer to: correct answers The benefits to an individual from consuming a good. If the unemployment rate increases from 10% to 14%, the economy will correct answers Move away from the ppf toward the origin The economy was expanding during all of the years that I was a student, but as soon as I graduated, the economy contracted. Therefore, the labor market was waiting until I started looking for a job to contract. This statement is an example of correct...

TEST BANK for Sociology in Action: A Canadian Perspective 4th Edition by Bereska Tami and Symbaluk Diane. Chapter 1 1. Chapter 01-001 According to the textbook authors, we might better understand who becomes a professional hockey player by applying ideas developed by which of the following? a. Karl Marx b. Emile Durkheim *c. Max Weber d. Auguste Comte 2. Chapter 01-002 According to the textbook authors, what is the relationship between unemployment and postsecondary education? a...

PHIL 2020 Exam 1,2 Questions & Answers 100% CORRECT What is meta-ethics? - ANSWERSThe subfield of moral philosophy that focuses on issues regarding the fundamental status and nature of morality What is normative ethical theory? - ANSWERSThe subfield of moral philosophy that focuses on identifying and defending standards of right conduct and/or good living Which of the following statement, if any, if a meta-ethical statement? a. "Tacos are good" b. "There are no objective moral tr...

All economic questios are ultimately about - correct answer allocating scarce resources Which of the following is a microeconomic question? - correct answer - Will a shortage of electricians lead to an increase in their wages? - Will taxing pizza increase the amount of pizzas sold? Because we face scarcity, every choice involves - correct answer tradeoffs You decide to take a vacation and the trip costs you $2,000. While you are on vacation, you do not report to work where you could ha...

During the winter of 1999, road accidents occurred every Friday night in a suburb of Oklahoma. Citizens assumed Fridays cause accidents. This hypothesis is an example of a normative statement. an assumption that causation implies correlation. a positive statement. an assumption that correlation implies causation. correct answers an assumption that correlation implies causation. Which of the following is true of the degree to which minor details can be ignored to understand the fun...

BSNS113 Quiz Multiple-Choice Questions with Verified Answers (100% Correct) Microeconomics can be described as the study of... A) How households and firms make decisions and how they interact in individual markets. B) How well markets work C) How firms and households make choices in the face of scarcity. D)All of the above. D) All of the above Which of the following is most likely a macroeconomic topic? A) The role of the Reserve Bank in controlling inflation. B) Who gains and who loses f...

Normative statement an opinion that cannot be confirmed by referencing facts Positive statement a statement that can be proved by referencing facts Why are economic models used? theories cannot be tested in a controlled environment The basic economic problem scarcity - consumer wants are always greater than available resources Opportunity cost the next best alternative foregone Factors of production resources used by a firm in production List and define the factors of production labour...