Which of the following is an example of a positive statement?
A. NCAA Football should have adopted a playoff system 10 years ago.
B. An increase in minimum wage results in higher teenage unemployment.
C. No oneshould be allowed to carry guns into the classroom.
D. Cats are better pets than dogs.
B. An increase in minimum wage results in higher teenage unemployment.
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Based on the figure below. Starting from long-run equilibrium at point C, a tax increase that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies.
A. D; C B. D; B C. A; B D. B; C
If opportunity costs are constant, then
A) the production possibilities curve does not exist. B) the production possibilities curve bows outward. C) the production possibilities curve is a negatively sloped straight line. D) factors of production must not be fully employed.
Economic theory assumes that voters, politicians, and other political participants are largely motivated by
a. personal self-interest. b. altruism. c. a desire to promote the general welfare. d. a desire to promote allocative economic efficiency.
Figure 7.5
The consumer must decide how to split $20 between spending and saving.Refer to Figure 7.5. If the consumer is subject to present bias, he/she will maximize utility at a marginal utility per dollar of ________ utils for consumption and ________ utils for saving.
A. 15; 15 B. 15; 30 C. 30; 15 D. 30; 30