To determine short-run equilibrium in the economy, we use an ...

[geodog55]

To determine short-run equilibrium in the economy, we use an aggregate supply curve that is:
 a. downward-sloping.
  b. vertical.
  c. upward-sloping.
  d. horizontal.
  e. parabolic.

Question 2

Suppose there are two members of the U.S. Congress who were once economics professors. Why is it important to be able to distinguish their positive from their normative statements about economic policy?
 a. Their positive statements help us understand the economy's response to a particular policy, while their normative statements reflect their value judgments.
  b. Their positive statements help us understand the good results of a policy change, and their normative statements help us understand the negative results.
  c. We really do not have to worry about them since trained economists never make normative statements.
 d. Economists are always making assumptions, and policy should not be based on assumptions.

[joanwhite]

Answer to Question 1

c

Answer to Question 2

a

[geodog55]

Correct answers!

[joanwhite]

Great! Please up vote