"The government should eliminate income inequality" is an example of
A. a positive statement.
B. a normative statement.
C. a realistic argument.
D. a factual statement.
Answer: B
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Jessica owns a company that makes pre-packaged sandwiches for convenience stores. The market price for a sandwich is $5 and Jessica is a price-taker. Her daily cost for making sandwiches is C(Q) = 2.5Q + (Q2/40) and her marginal cost is MC = 2.5 + (Q/20). How many sandwiches should Jessica produce each day?
A. 20 B. 40 C. 45 D. 50
If orange juice and apple juice are substitutes, an increase in the price of orange juice will shift the demand curve for apple juice to the right
a. True b. False Indicate whether the statement is true or false
Ithout productivity growth, what is the longrun effect of labor migration on the receiving country?
a. There will be an increase in production of the laborintensive good. b. Wages will fall. c. Returns to capital will increase. d. None of these is the longrun effect.
Which of the following would be true if all the national debt were owned internally?
A. The federal government would not need to refinance the national debt. B. The federal government would not need to worry about raising taxes to pay interest on the national debt. C. We would still be concerned about the effect on the distribution of income from interest payments on the national debt. D. Budget surpluses would be more likely than budget deficits.