A factual claim about how the world actually works is a ______________ statement.
A. positive
B. marginal
C. irrational
D. normative
A. positive
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Because of a decrease in the wage rate it must pay, a perfectly competitive firm's marginal costs decrease but its demand curve stays the same. As a result, the firm
A) decreases the amount of output it produces and raises its price. B) increases the amount of output it produces and lowers it price. C) increases the amount of output it produces and does not change its price. D) decreases the amount of output it produces and lowers its price.
The patent and copyright systems
a. reduce the cost of duplicating intellectual property b. help make the market for intellectual property more competitive c. are forms of intellectual property d. help increase the incentives to create new intellectual property e. help reduce the incentives to create new intellectual property
Frictional unemployment is a “necessary” cost of a dynamic economy.
Answer the following statement true (T) or false (F)
Jerome has a "C" average in his philosophy course and a "B" average in his economics course. He decides to study an extra hour for his philosophy exam. This is an example of:
A. thinking at the margin. B. using assumptions to simplify. C. ceteris paribus. D. caveat emptor.