In the markets for the factors of production,
a. households are sellers and firms are buyers.
b. households are buyers and firms are sellers.
c. households and firms are both buyers.
d. households and firms are both sellers.
Answer: A
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
- Economists generally support
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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)?
- Which of the following is an example of a positive statement?
- Economists consider normative statements to be
- A normative statement describes how the world
- Which is the best statement about the roles of economists?