Trade barriers should be removed to promote the welfare of the country. This is a(n)
A) positive statement.
B) negative statement.
C) inverse statement.
D) normative statement.
D
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Refer to Figure 14.3. To maximize total wages paid to workers, the labor union will agree to wage rate:
A) W0. B) W1. C) W2. D) W3. E) none of the above
Which of the following is associated with relatively elastic demand?
a. Few substitutes; large portion of income; short time span b. Many substitutes; large portion of income; long time span c. Few substitutes; small portion of income; short time span d. Many substitutes; small portion of income; long time span
If a firm is operating in the range of diseconomies of scale, and if it is currently at the minimum point of its short-run average total cost curve, explain what action it can take to reduce its costs, if it does not want to change the quantity of output that it is producing
Which of the following is the correct way to compute the future value of $X that earns r percent interest for N years?
a. $X(1 + rN)N b. $X(1 + r)N c. $X(1 + rN) d. $X(1 + r/N)N