MHR 522 Study Guide - Final Guide: Collective Bargaining, Takers, Inverse Relation
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21 Apr 2018
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Policymakers make a claim about how to improve a situation of a particular group. 2 types of statements: positive statement (claim about how the world is) and normative statement (claim about how the world should be) Positive minimum wage laws cause teenage unemployment. Normative the government should raise the minimum wage. Positive statements might be right or wrong they are formulated in a way they can either be con rmed or rejected. Our positive views about how the world works a ect our normative views about what policies are desirable. Logically the normative conclusion cannot be derived from the positive statement alone. Although normative views a ect the way people research and collected data facts do not organize themselves into concepts and theories by just being examined. Positive economics use theories to explain and to predict labour market behaviour. Normative economics is concerned with changing certain aspects of the labour market.
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21. The English word that comes from the Greek word for "one who manages a household" is
A- market
B- consumer
C- producer
D- economy
B- should be counted only to the extent that they are more expensive at college than elsewhere. C- usually exceed the opportunity cost of going to college. D- plus the cost of tuition, equals the opportunity cost of going to college. |
B- in most economies, wealthy people consume disproportionate quantities of goods and services. C- governments restrict the production of too many goods and services. D- resources are limited. |
B- markets guiding economic activity. Today many countries that did not have this system have implemented it. C- government guiding economic activity. Today many countries that had this system have abandoned it. D- government guiding economic activity. Today many countries that did not have this system have implemented it. |
B- we should agree with Senator Johnson. C- a good decision requires that we recognize both viewpoints. D- there are no tradeoffs between equity and efficiency. |
B- it does not matter if they charge $10 or $15. C- they would do better charging $15 than $10. D- they should raise the price even more. |
B- helps to explain how the economy is organized. C- incorporates all aspects of the real economy. D- Both (a) and (b) are correct. |
B- households provide firms with labor, land, and capital. C- firms provide households with output. D- firms provide households with profit. |
B- grew rapidly, due to several increases in the minimum wage during those decades. C- grew rapidly, due to government policies that discouraged the importation of foreign products during those decades. D- grew slowly, due to the slow growth of the output of goods and services per hour of U.S. workers' time during those decades. |
Question 30. 30. For economists, statements about the world are of two types: |
A- assumptions and theories.
B- true statements and false statements.
C- specific statements and general statements.
D- positive statements and normative statements.