A positive statement
A) must always be right.
B) cannot be tested.
C) might be right or wrong.
D) depends on someone's value judgment.
E) cannot be negative.
C
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The positive slope of the per-worker production function illustrates the relationship between per-worker output and ________
A) diminishing marginal returns B) the capital-labor ratio C) the rate of inflation D) the rate of unemployment
Implicit costs are best thought of as:
a. variable costs. b. marginal costs. c. accounting costs. d. opportunity costs. e. sunk costs.
Define the following terms and explain their importance to the study of macroeconomics:
a. Phillips curve b. rational expectations c. indexing d. stagflation
Scarcity exists because
A) the majority of people in the world are poor. B) people are too greedy and refuse to share what they have with others. C) human wants exceed what can be produced with the limited resources available. D) not enough new technology is being used to eliminate scarcity.