"The president of the world's biggest polluter (the United States) needs to do more than propose well-intentioned but insufficient measures that amount to using a squirt gun to quell a raging fire." Is this a positive or a normative economic statement? Explain your answer
This statement is normative. The key is the phrase "the president... needs to do more." This is a value judgment on the speaker's part.
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When a minimum wage is introduced ________ the equilibrium wage rate, the quantity of labor demanded ________ and the quantity of labor supplied ________, thus creating unemployment
A) above; increases; decreases B) below; increases; decreases C) above; decreases; increases D) above; decreases; decreases E) below; decreases; decreases
If a firm is able to convert every dollar of consumer surplus to economic profit, the firm has achieved
A) discrimination among units of a good. B) discrimination between groups of buyers. C) perfect price discrimination. D) perfect cost minimization. E) the normal amount of economic profit.
Which of the following statements about the slave family in the U.S. is most accurate?
a. Slave owners preferred slaves who lived in intact families. b. In most two-parent slave families, the parents lived on different plantations. c. The father was white in about 75 percent of the households headed by single slave mothers. d. About half of children under 15 years of age were sold away from their families.
Using Figure 4.1, assume that point C represents the best possible mix or optimal level of output for this society. If the market fails and produces a suboptimal mix of output, then it could produce at
A. Point E or F. B. Point A, B, D, or E. C. Point D or F. D. Point A, B, D, or F.