Which of the following is a positive economic statement?
A) Policymakers should strive to eliminate government budget deficits.
B) The President of the United States should promote high employment growth in the United States.
C) If the price of eggs increases, the quantity demanded of eggs will fall.
D) We should try to eliminate poverty in the United States.
Answer: C
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When do new firms tend to enter a competitive industry?
a. When the large firms in the industry are earning zero profit. b. When the smaller firms are leaving the industry. c. When the new entrants can earn positive profits. d. When there is an absence of fixed costs in the long run.
Economic progress is best measured by
A. the growth rate of prices over time. B. the growth rate of GDP per capita. C. the amount of working time needed for an individual worker to afford certain goods and services. D. the annual growth rate in the population.
Blacks and whites go into the education system more equal than they come out
Indicate whether the statement is true or false
If the price of gasoline increases from $2.50 per gallon to $3
00 per gallon and the quantity demanded goes down from 120 million gallons per week to 115 million gallons per week, the absolute value of price elasticity of demand in that price range is approximately A) 0.23. B) 4.35. C) 0.93. D) 2.34.