How do economists explain human behavior through studies

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How do economists explain human behavior through their studies?

-Identify the following statements as either a positive statement or normative statement (and be able to explain why):

a. Our nation needs active fiscal policy. b. There are 500,000 small businesses in the U.S.

-Are endogenous factors controlled for in a model?

-If you know the equation of the demand curve, can you determine the quantity demanded at a given price?

-What is shortage/surplus? What might lead to a shortage/surplus? How are they determined in a demand-supply graph?

-What are the common demand shifters? How would they shift the demand curve (i.e., in which direction)?

Reference no: EM133232212

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