According to the law of demand,
a. quantity supplied and quantity demanded are positively related.
b. price and quantity demanded are negatively related.
c. quantity supplied and quantity demanded are negatively related.
d. price and quantity demanded are positively related.
Answer: B
Macroeconomics
- Suppose that a worker in Radioland can produce either 4 radios or 1 television per year, and a worker in Teeveeland can produce either 2 radios or 4 televisions per year. Each nation has 100 workers. Also suppose that each country completely specializes in producing the good for which it has a comparative advantage. If Radioland trades 100 radios to Teeveeland in exchange for 100 televisions each year, then each country's maximum consumption of new radios and televisions per year will be
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- Which of the following is an example of a normative statement?
- Which of these statements is a normative statement (as opposed to a positive statement)?
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- Economists consider normative statements to be
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- Which is the best statement about the roles of economists?