ECON 203 Study Guide - Quiz Guide: Time Series, Opportunity Cost
23 Mar 2019
School
Department
Course
Professor
Document Summary
In positive economics, we are detached scientists and personal values do not enter our description of economic events. "the unemployment rate for september, 1987 was 5. 9 percent" is a normative statement. "the government should provide a minimum income to every citizen" is a positive statement. are tools used in the analysis of economic relationships: economists frequently use economic models. These models: which one of the following statements is false, may be graphs expressing the relationship between two economic variables, may be equations expressing a relationship between two or more variables. all of the above. If the economist wants to examine the distribution of income in 1987, time- series data should be used. If the economist wants to examine the relationship between advertising expenditures and sales during 1987, cross-section data is used. If the economist wants to examine the effect of intellectual ability upon earnings, cross-section data could be used.
