"Government should impose stricter regulations on oil drilling" is an example of a
A) normative statement.
B) positive statement.
C) negative statement.
D) normal statement.
A
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If 11 workers can produce 53 units of output while 12 workers can produce 56 units of output, what is the marginal product of the 12th worker?
A) 0.16 B) 3 C) 4.67 D) 36
One reason that economists encourage free trade is that
A) it encourages a more rapid spread of technology. B) it allows us to exploit the workers of less developed countries. C) we can sell more goods. D) it increases our capital stock.
Average revenue equals the change in total revenue divided by the change in the quantity of output produced
a. True b. False
A change in the interest rate:
A. has a larger impact on the present value of a payment to be made far into the future than on one to be made sooner. B. has a smaller impact on the present value of a payment to be made far into the future than on one to be made sooner. C. will not make a difference in the present values of two equal payments to be made at different times. D. has a larger impact on the present value of a bigger payment to be made far into the future than on one of lesser value.