Which one of the following is an example of a positive statement?
A. The federal government should provide economic assistance to farmers.
B. The amount of financial assistance given to farmers is higher this year than it was 10 years ago.
C. State governments should provide economic assistance to farmers.
D. Farmers need some type of government aid.
Answer: B
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Refer to the figure shown, which represents the production possibilities frontiers for Countries A and B. Assuming both countries have the same amount of resources available to them, which of the following statements is true? Country A has:
A. the absolute advantage in neither the production of cars nor trucks. B. an absolute advantage in the production of cars, and Country B has the absolute advantage in the production of trucks. C. an absolute advantage in the production of trucks, and Country B has the absolute advantage in the production of cars. D. the absolute advantage in the production of both cars and trucks.
Which one of the following is part of the M2 definition of the money supply, but not part of M1?
A. Small time deposits such as certificates of deposit. B. Travelers’ checks. C. Currency held in banks. D. Currency in circulation.
Global markets consist of buyers and sellers
A. only within their community. B. within a state. C. anywhere in the world. D. within a nation.
Suppose the market clearing price for gasoline is $2.25 per gallon. Now suppose that policy makers pass a law requiring that the maximum price that can be charged is $2.0 per gallon. Such a situation is an example of
A) a price control that will lead to a surplus of gasoline on the market. B) a price floor that will lead to a shortage of gasoline on the market. C) a price ceiling that will lead to a shortage of gasoline on the market. D) a price floor that will lead to a surplus of gasoline on the market.