Examlex
"Minimum wage laws result in unemployment" is a normative statement, while "the minimum wage should be higher" is a positive statement.
Money Supply
The comprehensive pool of financial assets in an economy at any given time, which includes coins, cash, and the amounts in both checking and savings accounts.
Inflation
The rate at which the general level of prices for goods and services is rising, subsequently eroding purchasing power.
Unemployment
The condition in which people actively seeking work are unable to find employment.
Long Run
The long run is a period in economics in which all factors of production and costs are variable, allowing for full adjustment to change.
Q18: What would happen to the equilibrium price
Q20: When economists are trying to explain the
Q32: Refer to Figure 2-3. This economy cannot
Q85: The slope of an upward-sloping line is
Q85: Suppose the cost of operating a 75-room
Q104: For technical analysts, the forces of supply
Q114: Refer to Figure 4-9. All else equal,
Q146: The only two countries in the world,
Q187: Refer to Table 4-6. The equilibrium price
Q271: Refer to Table 2-2. What is the