Positive Economics

question 144

Multiple Choice

Positive economics

• A) always gives an optimistic spin to economic news.
• B) is concerned with the economic policies that should be implemented.
• C) is objective.
• D) was not used by nineteenth century economists.

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Definitions:

Current Wage

The present amount of money that a worker receives in exchange for their labor, usually expressed per hour, day, or per work output.

Surplus of Labor

A surplus of labor occurs when the supply of labor exceeds the demand, resulting in unemployment or underemployment in the market.

Surplus of Labor

A situation where the supply of labor exceeds the demand for it, resulting in unemployment or underemployment.

Downward Pressure

Describes a situation where factors contribute to the decrease in the price of a product or asset.