ECN 6100 Winter 2016 Ch. 1 7

Question 1. A normative economic statement: a. is a model used to collect data. b. is a statement of fact. c. is a statement of what ought to be, not what is. d. indicates what will occur if certain assumptions are true. 2. If everyone expects the price of almonds to rise in the near future, what will happen to the market for almonds? a. People will buy the same amount now. b. People will buy less now, causing a decrease in demand. c. The amount bought and sold today will increase. d. The supply...