Answer the following statements true (T) or false (F)
1. A positive economic statement is always true.
2. Positive economics deals with “what is” as opposed to “what ought to be.”
3. The largest part of U.S. national income takes the form of profits.
4. Consumption is the ultimate end of economic activity.
1. FALSE
2. TRUE
3. FALSE
4. TRUE
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Return to deficit after 2001 was due to
A) a drop in the revenue share. B) an increase in the expenditure share. C) both a drop in the revenue share and an increase in the expenditure share. D) recession.
Which factor of production accounts for the highest percentage of the income that the production process generates in the United States?
A. Capital B. Natural resource C. Land D. Labor
Answer the following statement(s) true (T) or false (F)
In? general, the more securely private property rights are? assigned, the more capital accumulation there will be.
Refer to Figure 11-2. Short run output is maximized at
A) L1. B) L2. C) L3. D) insufficient information to determine