When economists make normative statements, they are ( )
A. speaking as scientists.
B. speaking as policy advisers.
C. making claims about how the world is.
D. revealing that they are very liberal in their views of how the world works.
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Economics is best defined as the study of( )
A. prices and quantities.
B. inflation and interest rates.
C. how people make choices under the conditions of scarcity and the results of those choices.
D. wages and incomes.
Demand curve is a sloping-down curve.
The amount of a good or service that buyers would be willing and able to purchase at a specific price is known as ( )
A. quantity demanded.
B. asupply.
C. demand.
D. quantity supplied
In a perfectly competitive market, ( )
A. firms are price takers rather than price makers.
B. advertising is widely used to influence demand and price.
C. firms produce a small number of differentiated products.
D. a small number of firms produce an identical product.