When Economists Make

question 6

Multiple Choice

When economists make

• A)positive statements,they are speaking not as scientists but as policy advisers.
• B)positive statements,they are speaking not as scientists but as forecasters.
• C)normative statements,they are speaking not as scientists but as policy advisers.
• D)normative statements,they are speaking not as policy advisers but as model-builders.

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Definitions:

Production Technology

The methods, equipment, and processes used to produce goods and services, impacting efficiency and output levels.

Economists

Professionals who study, develop, and apply theories and concepts from economics and write about economic policy.

Long Run

A period of time in economics during which all factors of production and costs are variable, allowing for full adjustment to changes in market conditions.

Hourly Wage Rate

The amount of money paid for each hour of work.