EC120 Lecture Notes - Lecture 2: Demand Curve, Uch
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Positive (descriptive) statements: claims that attempt to describe the world as it is, uses data to support statements, ex. Prices rise when government increases the quantity of money. Normative statements: claims that attempt to prescribe how the world should be, uses arguments to support statements, ex. When economists try to explain the world they are scientists. When they try to help improve it, they are policy advisers. Can disagree about validity of alternative positive theories about how. Can have different values and therefore different normative views about what a policy should try to accomplish. Economists disagree about the direction i which truth lies. Disagree about whether government should levy taxes based on a household"s income or consumption. Due to differences in scientific judgement and values, some disagreement is inevitable. They do often share a common view. Tariffs and import quotas usually reduce general economic welfare (93%)
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Related Questions
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.