Pollution imposes costs on people and firms other than those involved in producing or consuming the product that produces pollution.
Answer the following statement true (T) or false (F)
True
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"An increase in the federal minimum wage causes an increase in unemployment among teenagers" is a:
a. statement of positive economics. b. statement of normative economics. c. testable value judgment. d. fallacy of composition.
The consumption function shows the relationship between the income received by the economy’s households and the
a. amount they plan to spend on currently produced final output. b. amount of government spending. c. amount businesses plan to spend on investment. d. level of taxes on personal income.
Which of the following statements is true?
A. Deflation is an increase in the general level of prices. B. The consumer price index (CPI) measures changes in the average prices of consumer goods and services. C. The real interest rate equals the nominal rate of interest plus the inflation rate. D. Real income is the actual number of dollars received over a period of time.
An increase in product price implies that
A. the firm's demand for labor increases. B. the firm's marginal factor cost will increase. C. the wage rate the firm pays will increase. D. the firm's demand for labor decreases.