Principles of Macroeconomics (MindTap Course List)
7th Edition
ISBN: 9781285165912
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Chapter 2, Problem 5QR
To determine
Identifying microeconomics and macroeconomics concepts.
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Name one economic interaction that isn’t covered by the simplified circular-flow diagram.
Positive or Normative?
what is the difference between a positive statement and a normative statement?
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Principles of Macroeconomics (MindTap Course List)
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- Imagine that you just paid $50 for a new pair of jeans. According to the circular flow diagram, what decisions were made concerning the jeans you purchased, and who made decisions about the jeans you bought?arrow_forwardWhy should the economic decision be based on the objective of making the best use of limited resources?arrow_forwardTim Geithner, a former U. S. Treasury Secretary, has said, "The recession that began in late 2007 was extraordinary severe. But the actions we took at its height to stimulate the economy helped arrest the free fall, preventing an even deeper collapse and putting the economy on the road to recovery." Which two of the three principles of economy-wide interaction are at work in this statement?arrow_forward
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