Statements that are a hypothesis or statement of fact are:
A) pecuniary.
B) positive.
C) nominal.
D) normative.
Ans: B) positive.
You might also like to view...
How is the market demand curve for a public good derived?
What will be an ideal response?
Risk is typically measured:
a. by comparing the size of a firm to other firms operating in the market. b. by looking at the economic profit that a firm has earned in the past few years. c. by determining whether the bonds issued by a firm are of high or low value. d. by comparing how much the stock price fluctuates compared with an average firm. e. by comparing how much the price of the bond falls whenever the price of a firm's product rises.
What term is used to denote costs that rise and fall depending on the rate of production?
a. implicit costs b. variable costs c. average costs d. fixed costs
Figure 11-3
?
In Figure 11-3, which line represents the change in the consumption schedule caused by a cut in the personal income tax as advocated by President George W. Bush in 2001?
A. C1 in graph (a) B. C2 in graph (a) C. C1 in graph (b) D. C2 in graph (b)