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30 Jun 2018

2. Which of the following is a positive statement? (a) The federal government debt is too large. (b) State governments should reduce taxes on gasoline. (c) A decrease in the price of any good will cause a reduction in the quantity demanded. (d) Today is a going to be a great day!

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Casey Durgan
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1 Jul 2018
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Related textbook solutions

Principles of Economics
2nd Edition, 2017
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ISBN: 9781947172364
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Related questions

Which statement is consistent with the law of demand?

A. At a zero price, the quantity demanded will be equal to zero.

B. A reduction in market price will lead to an increase in quantity demanded.

C. An increase in market price will lead to an increase in quantity demanded.

D. A reduction in market price will lead to a decrease in quantity demanded.

Which of the following is a normative statement?

A. If the price of a good decreases its quantity demanded must increase.

B. Economists should clarify their normative views when making positive statements.

C. Economists often make normative statements.

D. Most economists make normative statements.

E. As the price of gasoline falls, consumers will buy more of it

Which of the following correctly describes the ceteris paribus assumption?
a) If we increase the price of a good, reduce consumer incomes, and lower the price of substitutes, and if the quantity demanded is observed to fall, we know that the price increase caused that decline in quantity demanded.
b) If the federal government increases government spending, and the Federal Reserve Bank lowers interest rates, we know that the increase in government spending caused unemployment to fall.
c) If a company reduces its labor costs, negotiates lower materials costs from its vendors, and advertises, we know that the reduced labor costs are why profits are higher.
d) If we decrease the price of a good and observe that there is an increase in the quantity demanded, holding all other factors that influence this relationship constantly.

Ā 

Ā 

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