Which one of the following is a positive economic statement?
a. An increase in the minimum wage will reduce employment.
b. The minimum wage should be increased.
c. Social justice will be served by increasing the minimum wage.
d. Thoughtful people oppose an increase in the minimum wage.
A
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When the price of beer goes up, our model of tastes would typically require tastes to change.
Answer the following statement true (T) or false (F)
Which of the following activities will generate a negative externality?
a. A beekeeper keeping bees for honey b. Inoculations for communicable diseases c. Research and development activities of a firm d. A chemical factory set up in a residential area e. Improvement in education facilities
If Honduras were to subsidize the production of wool blankets and sell them in Sweden at artificially low prices, the Swedish economy would be worse off
a. True b. False Indicate whether the statement is true or false
The EITC differs from other programs in that
A. it provides actual food. B. it is administered by the Internal Revenue Service rather than a human services agency. C. it is part of the Social Security system. D. it is administered by the states rather than the Federal government.