Which of the following is an example of a positive statement?
A) Since this good is bad for you, you should not consume it.
B) If this good is bad for you, you should not consume it.
C) If you consume this good, you will get sick.
D) None of the above.
C
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Compared to private bargaining, using eminent domain to acquire land generally
A) keeps negotiation costs low. B) is more time consuming and less successful. C) reduces cooperative surplus. D) is frowned upon by the government.
Utility is:
a. the cost associated with an additional unit of product. b. the satisfaction obtained from a good or service provided. c. the value that a third party places on a good or service. d. the price that a seller places on a good or service being provided.
If income in the United States rises relative to income in Japan, the yen should appreciate against the dollar, ceteris paribus.
Answer the following statement true (T) or false (F)
Suppose both the demand for and supply of salsa increase (although not necessarily by the same amount). What can we conclude about changes in the price and quantity of salsa?
A. Both the price and quantity increase. B. The price increases but the change in the quantity cannot be determined. C. Both the price and quantity decrease. D. The quantity increases but the change in the price cannot be determined.