A lawyer employed by Renault addressing the impact of air bags on passenger safety.

An economist permanently employed at a leading university analysing the impact of bank regulations on lending to small businesses.

An economist employed by the Trades Union Congress doing research on the impact of trade policy on workers’ wages.

A radio talk show host collecting data from listeners on how capital markets respond to taxation.

labour

land

money

All of these answers are factors of production.

inefficient

normative

unattainable

efficient

Large government deficits cause an economy to grow more slowly.

People work harder if the wage is higher

The unemployment rate should be lower

Printing too much money causes inflation.

macroeconomic

microeconomic

statements of description that can be tested

statements of prescription that involve value judgments