Which of the following is an example of a positive statement?
A) Since this good is bad for you, you should not consume it.
B) If this good is bad for you, you should not consume it.
C) If you consume this good, you will get sick.
D) None of the above.
C
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Which of the following is NOT an assumption of perfectly competitive markets?
A) many buyers and many sellers B) no restriction on entry C) complete information about prices D) new entrants have higher costs
Legal limits on prices will tend to cause misallocation of resources because
a. production (or opportunity) cost no longer corresponds to market price. b. people are unable to determine their preferences at the high or low price. c. producers no longer have incentive to be profitable. d. consumers no longer have incentive to spend their income efficiently. e. All of the above are correct.
Suppose that the market labor supply and labor demand equations are given by Qs = 5W and Qd = 30 ? 5W. If the minimum wage were set at $6 an hour, how many people would not be able to find work?
A. 0 B. 30 C. 20 D. 10
In line (2) on the graph below, the variables x and y are:
A. Nonlinearly related
B. Directly related
C. Not correlated
D. Inversely related