A positive economic statement concerns
a. an opinion on an economic issue that should be taken
b. an economic activity that has a positive effect on the economy
c. a statement of fact
d. a macroeconomic issue or position
e. a microeconomic issue or position
C
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Because low tariffs have a high ratio of benefits to costs, they are an especially efficient way for nations to achieve full employment and growth
Indicate whether the statement is true or false
Sales taxes are
A. assessed on the prices paid on a large set of goods and services. B. based on each individual taxpayer's income level. C. levied on purchases of a particular good or service. D. collected only by the U.S. government.
Answer the following questions true (T) or false (F)
1. Average total cost is equal to average variable cost minus average fixed cost. 2. As output increases, average fixed cost gets smaller and smaller. 3. A firm's short-run average total cost curve is parallel to its short-run average variable cost curve.
In the United States, monetary policy is determined by
A. private citizens. B. the Treasury Department. C. the Federal Reserve. D. the president.