Examlex
A decrease in GDP necessarily means that consumer welfare has decreased.
Normative Statements
Assertions about how the world ought to be, incorporating values and judgments rather than just factual claims.
Scientific Method
A systematic approach to research where a problem is identified, relevant data is gathered, a hypothesis is formulated from these data, and the hypothesis is empirically tested.
Economic
Pertains to the production, distribution, and consumption of goods and services, and the analysis of behaviors and decisions related to these processes.
Fallacy of Composition
The erroneous belief that what is true for a part is necessarily true for the whole, particularly in economics.
Q4: The aggregate demand curve reflects the direct
Q13: The rules of the game refer to<br>A)any
Q15: Since 1870, U.S. labor productivity growth has
Q26: If both total employment and total output
Q45: If spending by the federal government exceeds
Q67: Government policy that uses taxes, subsidies and
Q123: In an economy without a government and
Q146: The simple circular flow model shows that<br>A)households
Q176: Investment<br>A)is about as volatile as consumption, except
Q180: The consumption function assumes that<br>A)only disposable income