Econ 1014 Exam 1 Study Guide

Why do economist disagree about economic and public

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1. Why do economist disagree about economic and public policy? a. Economists disagree only because they may hold different opinions about what is best for the economy b. Economists disagree only because they may rely on different economic models for how the economy works c. Economists disagree because they like to argue d. Economists disagree both because they may hold different opinions about what is best for the economy and because they may rely on different economic models for how the economy works e. None of the above explains why economists disagree 2. Why economists disagree over the advisability of raising the federal minimum wage in the US, they may disagree because:
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3. Which of the following is a normative statement as defined by your text? 4. Which of the following is an example of a normative economic statement? 5. The difference between a normative and a positive statement in economics is that: a. Normative statements are statements of fact while positive statements are statements of fiction b. Normative statements are subjective (telling what the speaker thinks ought to be) while positive statements are objective (telling what the speaker thinks is) c. Positive statements are subjective (telling what the speaker thinks ought to be) while normative statements are objective (telling what the speaker think is) d. Positive statements tell what is occurring while normative statements tell what isn’t occurring e. Positive statements deal with microeconomic issues while normative statements deal with macroeconomic issues
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