Which of the following is a positive economic statement?
a. Raising the federal minimum wage to $6.50 per hour will cause the rate of unemployment to increase.
b. The United States spends too much on welfare.
c. Philosophy is not as interesting as economics.
d. Cold weather is much more enjoyable than warm weather.
A
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Use the following table for a certain product's market in Marketopia to answer the next question.Quantity Demanded DomesticallyPriceQuantity Supplied Domestically1,400$102,2001,60092,0001,80081,8002,00071,6002,20061,4002,40051,200If the world price of the product is $6 and a tariff of $1 per unit imported is imposed, then the quantity of output that would be supplied domestically would be ________ units and the quantity of output that would be imported would be ________ units.
A. 1,600; 400 B. 1,400; 800 C. 1,400; 400 D. 1,600; 800
Pretty Polly produces dresses for little girls. When Pretty Polly's manager sets the change in ________ profit equal to its marginal cost of advertising, Pretty Polly's ________ profit is maximized.
A) net; gross B) gross; net C) net; net D) gross; gross
How do high marginal tax rates affect the economic prosperity of a nation?
a. They reduce the incentive of individuals to earn reported income. b. They encourage the nation's most productive citizens to emigrate to countries where taxes are lower. c. They discourage foreigners from investing in the country. d. All of the above are correct.
Suppose that the firm's only variable input is labor. When 50 workers are used, the average product of labor is 50 and the marginal product of labor is 75. The wage rate is $80 and the total cost of the fixed input is $500. Suppose that installation of a new assembly line increases the output produced per worker. The cost per unit of output
A. will increase. B. will be unchanged. C. will decrease. D. is at its maximum. E. is at its minimum