Which one of the following is an example of a normative statement?
A) Public school teachers are not paid enough.
B) The average public school teacher earns less than the average truck driver.
C) The average public school teacher earns more than the average truck driver.
D) Students in smaller classes perform better on standardized tests.
Answer: A
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Refer to Table 2-10. What is Barney's opportunity cost of making a unicycle?
A) 2 pogo sticks B) 2.8 pogo sticks C) 1.75 unicycles D) 1/2 of a pogo stick
If a dollar a year from now will likely have less purchasing power because of inflation, then a dollar today ________ a dollar a year from now
A) is more valuable than B) has the same value as C) is less valuable than D) may be more valuable or less valuable than
If the U.S. dollar increases in value relative to other currencies, how does this affect the aggregate demand curve?
A) This will shift the aggregate demand curve to the right. B) This will move the economy down along a stationary aggregate demand curve. C) This will move the economy up along a stationary aggregate demand curve. D) This will shift the aggregate demand curve to the left.
The law of demand includes the statement "other things being equal." These other things include all of the following EXCEPT
A) the price of that good in the law of demand. B) consumers' income. C) consumers' tastes and preferences. D) the number of potential buyers.