The reoccurrence of contagious diseases should be significantly lower in a technically advanced nation such as the United States. This statement is best described as
A. a marginal statement.
B. a positive statement.
C. an implication of an efficient market.
D. a normative statement.
Answer: D
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Arrow's impossibility theorem tells us:
A. political pressures will always corrupt a voting system, making none ideal. B. no voting system can aggregate the preferences of voters of three or more options while meeting all of the criteria for an ideal system. C. most voting systems meet the criteria for an ideal system, yet politicians cannot seem to change the way in which elections are held. D. no voting system can ever attain all four criteria for an ideal voting system.
In a perfectly competitive market, firms set:
A. prices and quantities. B. quantities but not prices. C. neither prices nor quantities. D. prices but not quantities.
In the ultimatum game, if neither the allocator nor the recipient cared about fairness, what would be the optimal distribution of $20.00?
a. $19.99 for the allocator and $0.01 for the recipient b. $10.00 for the allocator and $10.00 for the recipient c. $19.99 for the recipient and $0.01 for the allocator d. $20.00 for the allocator and nothing for the recipient
A firm's long-run average cost curve is increasing as output increases over all levels of output. As a result
A. small firms would have higher average costs of production than large firms. B. there should be more than one firm in the industry. C. there should be only one firm in the industry. D. small firms and large firms will have identical average costs.