Which of the following is a characteristic of the perfectly competitive market structure?
a. advertising
b. product differentiation
c. perfect substitutes
d. patents
e. mutual interdependence
C
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A typical American family sends about _____ percent of its budget on services.
A. 20 B. 32 C. 66 D. 70
The natural unemployment rate increased significantly during the 1980s and the 1990s
Indicate whether the statement is true or false
The figure above shows the market for coffee If the government pays the coffee producers a subsidy and production increases to 30 million pounds per day, the deadweight loss is
A) zero. B) $7.5 million. C) $15 million. D) $10 million.
A positive economic statement:
a. contains personal and social value judgments. b. is always a mathematical expression. c. should never be used by an economist. d. is proper provided the advocator is clear the position rests on personal assessment. e. is an unbiased report of the facts of the economy.