The statement, "Michael Phelps is the greatest athlete of all times" is an example of:
A) positive economics
B) normative economics
C) microeconomics
D) macroeconomics
Correct Answer:
Verified
Q6: A consumer is:
A) a household
B) a buyer
C)
Q7: The statement, "The price of wheat should
Q8: An economic good is always:
A) scarce
B) free
C)
Q9: Total revenues for a business firm in
Q10: A producer is:
A) an individual who makes
Q12: The equation of a line, y =
Q13: The payment to capital is:
A) land
B) profit
C)
Q14: An Iowa corn producer who has studied
Q15: If the price of corn increases:
A) producers
Q16: In economics, the term, "capital" refers to:
A)
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