Which one of the following is an example of a normative statement?
A) A digital camera costs more than a disposable camera.
B) Most digital cameras sold in the United States are imported from other countries.
C) A camera makes a good wedding gift.
D) More people will buy digital cameras as their prices decline.
C
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Convenience stores with gas stations tend to sell an essentially identical variety of products and services. Yet this is generally considered to be a monopolistically competitive industry selling differentiated products
How can this be considered a differentiated product?
A 2 percent rise in the price of a good leads to a 10 percent decrease in quantity demanded. The absolute price elasticity of demand is
A) 5. B) 10. C) 0.1. D) 1.0.
If the real rate of return is 2 percent, and the inflation rate is 2 percent, then the nominal interest rate must be:
A. 4 percent. B. 2 percent. C. ?2 percent. D. ?4 percent.
Most of our environmental problems exist because of
a. a lack of enforced and easily traded property rights. b. consumer ignorance. c. profit maximization on the part of business firms. d. the failure of political officials to regulate business activities.