Answer the following questions true (T) or false (F)
1. "The distribution of income should be determined by the government" is an example of a positive economic statement.
2. Policies based on positive economic ideas tend to decrease economic efficiency and reduce equity.
3. "A decrease in the price of digital cameras will decrease the demand for camera film." This statement is an example of a positive economic statement.
1. FALSE
2. FALSE
3. TRUE
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Use the following table to answer the question below. Dave's Production Possibilities SchedulePounds of Green BeansPounds of Corn0160201204080604080 0If Dave produces 40 pounds of green beans, he can produce ________ pounds of corn.
A. 80 B. 0 C. 160 D. 120
How much of U.S. government debt is held by the rest of the world?
What will be an ideal response?
If both supply and demand decrease and the shift in supply dominates, which of the following happens? a. The equilibrium quantity increases. b. The equilibrium price and the equilibrium quantity decrease. c. The equilibrium price decreases and equilibrium quantity increases. d. The equilibrium quantity increases and the equilibrium price change is indeterminate
e. The equilibrium price increases and the equilibrium quantity decreases.
Labor demand is less elastic when:
A. the inputs that could be substituted for labor are relatively inexpensive. B. a large amount of labor is essential to the production process. C. there are many substitutes for labor in the production process. D. the demand for output is more elastic.