Which of the following is an example of a normative statement?
A. Immigration should be allowed in the United States.
B. The federal minimum wage is $7.25.
C. The cost of basic health insurance rose from the previous year.
D. Tom is a college student.
Answer: A
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Which of the following makes it difficult to regulate a monopolistically competitive market?
A. It is difficult to assess the costs. B. It may stifle innovation if firms can’t make economic profit. C. There are many firms with different costs of similar products. D. All of the above are true.
Which of the following should not be considered as an opportunity cost of attending college?
a. Expenses that are the same whether or not you attend college b. Lost salary c. Business lunches d. Interest that could have been earned on your money had you put the money into a savings account, rather than spent it on tuition e. Opportunities sacrificed in the decision to attend college
Microeconomics examines the
A. total household expenditures. B. decision making undertaken by individual households. C. aggregate business spending. D. behavior of the economy as a whole.
If the price of a one good increases and the quantity demanded of a different good decreases, then these two goods are
A) substitutes. B) normal goods. C) inferior goods. D) inelastic goods. E) complements.